The Globe and Mail reports in its Saturday edition that after two years, the Bank of Canada finally began cutting its benchmark interest rate, and it is making dividend stocks look enticing again. The Globe's Tim Kiladze writes that for many retail investors, the expectation is that these beat-up stocks will finally rebound, delivering strong market returns on top of their sizable yields. The reality is a different story. Some dividend stocks are thriving, such as TC Energy and National Bank, but many are struggling. BCE is down 6.9 per cent this year, and that is including dividends; Bank of Montreal is pretty much flat, eking out a 1.2-per-cent total return; and Nutrien is down 7.2 per cent. The S&P/TSX Composite Index has delivered a total return of 19.6 per cent. So many dividend stocks are struggling that the iShares S&P/TSX Composite High Dividend Index ETF (XEI), which pays a 4.9-per-cent yield, has delivered a 17.1-per-cent total return this year, falling short of the broad market. It makes for a confusing time. Two reasons for dividend stocks underperforming are that mining stocks, which often do not pay high yields, are on fire -- especially gold producers -- while the telcos face operating headwinds.