What people fail to either understand or realize is that low current yields are, generally, a precursor for low, or negative, share price growth, hence total returns.  The reason is that percentage growth/gains are proportional to share prices/fund NAV changes, while percentage yields are INVERSLY proportional to them.  An example is instructive.

Assume long term percentage dividend yields are 4%, while current yields are 2%, and high yields are 6%.  And assume the market NAV is $100.  The market dollar yield will then be $2, which is 2% of $100.

If the dollar amount of the dividend yield is constant, then, for the percentage dividend yield to rise to it's long term average of 4%, the market NAV has to FALL to $50!.  That is, 4% of $50 is the same $2 of yield.  In order for the market yield to rise to a high value of 6%, the market NAV has to fall to $33.33.

A $2 yield, added to a $50 market NAV loss is a TR of minus 48%

What I am trying to say is that, at 2% current market yield, the market is overvalued!  If market valuations revert to mean (4% dividend yield), then share prices have to fall.  Or the dollar amount of the dividend yield has to double, at constant share prices.

Also look at which part of TR is the dog, and which part is the tail.  At a constant market NAV, if the dollar amount of the dividend doubles (from $2 to $4), then the market percentage yield will double, from 2% to 4%.  At a constant dollar amount of the dividend yield, the market NAV has to be cut in half (from $100 to $50).  So, IMHO, the dog is the market NAV, while the tail is the dividend amount, when talking dollars, rather then percentages.