I know you aren't talking specifically to me but just as part of the community I will say I don't dislike dividend stocks in a retirement account. I do dislike them in a taxable account just because they provide an unneeded tax drag on the investment as well as an increase to your AGI.

Also I think the asset class you are refering to is more typically called Value than Dividend. Yes a lot of companies that are in the Value class offer dividends but that isn't really what defines them right. Really you are talking just about large companies that have been around a while have a big market cap and don't reinvest all of their returns into themselves as growth because they just dont have that much to gain from growth anymore. Those companies do tend to be more stable yeah so overall they are going to dip less (and subsequently rise less).

The idea that avoiding volitility in a retirement account where you are regularly contributing and are still young though not sure if that is 100% the best strategy. Lets say you are in largely growth stocks and they dip 25% in value while the Value stocks only drop 5%. That is great for the Value stock holder if they are about to cash out...but if they are 30 years from retirement well, that 25% drop in share price represents additional shares that they can purchase before the inevitable rebound over that 30 years. Its not like that lower drop in the Value share price means that the Value shares will be 20% ahead from there on out, that isn't how it works.

I'm pro value funds in holdings and pro say even a 60-40 mix, but when you are in your 50s and a substantial market downturn could actually negatively affect your retirement. Then yeah it makes sense. But for a 20 year old putting their first $1k into a Roth IRA? Nah.