My contention is that it probably doesn't. Reasons presenting including that the Dow comprises 30 of the biggest companies in the world so the worst performers there still have the market size and grunt to turn themselves around which isn't necessarily the case down under.
Here's how the dog's of the ASX in 2020 performed in 2021. https://www.livewiremarkets.com/wire...7+January+2022

Would you use a Dog's of the ASX or NZX50 as a strategy you'd put real money into ? I wouldn't. One of the reasons is I think some of the worst performers of 2021 face systemic issues that aren't going to be fixed anytime soon e.g. ATM.