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Treasuries Offer More Income Than Almost Every S&P 500 Stock

Treasuries Offer More Income Than Almost Every S&P 500 Stock

Just ~3% of S&P 500 stocks now have dividend yields higher than the 10-year Treasury note yield, the lowest proportion since May 2007.

Fact Check
The substance of the claim — that the share of S&P 500 stocks yielding more than the 10-year Treasury note is at its lowest since May 2007 — is corroborated by Benzinga's August 20, 2026 report and by GuruFocus, both citing 3.85% as of end-July/August 2026 and explicitly identifying May 2007 as the last time the share was lower. The claim's rounding to '~3%' understates the cited 3.85% figure slightly, but the directional and historical claim matches the underlying data referenced in the originating Kobeissi Letter post.
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Summary

U.S. Treasury securities are currently delivering higher yields than the vast majority of stocks in the S&P 500 index. Only about 3% of those stocks boast dividend yields exceeding the 10-year Treasury note yield. This represents the lowest proportion recorded since May 2007 and one of the lowest readings in data going back to the early period.

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