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Dividend ETFs such as DVY have gotten killed throughout this entire bear market. As shown below, DVY is already down 28.07% this year versus the S&P 500's decline of 17.18%. ETFs such as DVY have a large concentration of financial companies whose dividends are now all questionable, and these names are weighing heavily on the ETFs. But even non-financial dividend paying companies are declining at a faster rate than non-dividend paying companies.

As shown in the second chart below, non-financial dividend paying companies are down an average of 15.74% this year, while non-dividend paying companies are down just 9.71%. In a financial world where cash is definitely king again, any obligations that companies have are being frowned upon.

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Source: Dividend Companies: Even the Non-Financials Are Struggling