Well, I guess the math could be laid out to show that if you re-invest the dividend in the underlying you would get extra compounding with a monthly payment. But when you consider that you are re-investing those dividends in an underlying security that is designed to lose value over time, and has demonstrated a continuing decrease in that dividend over time... Well, that pretty much wipes out any advantage that the extra 60 and 30 days of compounding is capable of giving you.
Far, far, faaaaar better to invest in a security which demonstrates consistent dividend growth while remaining a low yielder. ARR is exactly the opposite of that ideal scenario. ARR remains a high yielder while shrinking the dividend.