As the value investment style comes back to the forefront, dividend growth exchange traded funds have been among the best performing strategies.

For instance, the ProShares Russell 2000 Dividend Growers ETF (NYSEArca: SMDV) has returned 8.4% as of March 31, the best performer among 794 small-cap related mutual funds and ETFs, according to Lipper data. In comparison, the Russel 2000 Index dipped 1.8%.

The ProShares Russell 2000 Dividend Growers ETF tracks the Russell 2000 Dividend Growth Index. The underlying index includes small-cap firms with dividend increase streaks of at least a decade. SMDV shows a 2.15% 30-day SEC yield.

The ProShares S&P MidCap 400 Dividend Aristocrats ETF (NYSEArca: REGL) was the second best performer among 410 mid-cap mutual funds and ETFs, returning 9.2% over the same period. Meanwhile, the S&P MidCap 400 Index rose 3.4%.

The ProShares S&P MidCap 400 Dividend Aristocrats ETF tracks the S&P MidCap Dividend Aristocrats Index, which only includes dividend paying companies that have raised payouts for 15 consecutive years. REGL has a 1.82% 30-day SEC yield.

Additionally, the ProShares S&P 500 Aristocrats ETF (NYSEArca: NOBL) was the fourth best performer among 867 mutual funds and ETFs, rising 6.4%. In contrast, the S&P 500 Index returned 0.8%.

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