If you are competing with high authority then hyphen in the domain is very risky for your website SEO. It is not always good to have a hyphen or dash in your domain name. When you search google with your site then your competitor takes your position. Your niche topic may be already used by your competitor with high backlinks and have good authority. There is already a brand of your domain name and you are replicating the brand by taking hyphenated domain. These are some disadvantages of taking hyphen in the domain name.
Whereas, If you are focusing on slightly different topics then there are no negative effects of taking hyphens in the domain name. For Example, There is already a domain name ” edupal.com” and you are taking “edu-pal.com”. Both domains are connected to the education niche. Your competitor might not focus on ” world wides universities, schools, coaching centres, Syllabuses ” and you can rank good on those in topics in which your competitor is weak. From this statement, you are clear that you have limited areas.