The Globe and Mail reports in its Wednesday edition that bond yields are rising due to concerns over inflation and government debt, yet dividend stocks remain stable. The Globe's David Berman writes that the relationship between bonds and dividends was a close one in 2022 and 2023. When bond yields rose to multiyear highs, so did dividend yields, crushing stock prices. In October, 2023, the yield on the iShares S&P/TSX Dividend Aristocrats Index ETF, a proxy for a basket of Canadian stocks with a good record for raising their dividends at least once per year, rose as high as 4.4 per cent. Today, the ETF's yield sits at just over 3 per cent. Utilities are benefiting from strong growth in demand for electricity. Pipelines are poised to benefit from government backing for more energy infrastructure. This is not to suggest that dividend stocks are sailing through the current bond mayhem. They're not: The S&P/TSX Aristocrats Index has fallen 4.8 per cent since mid-July. Some particular dividend-heavy sectors have been hit even harder. Utilities are down nearly 12 per cent over the past two months and the Big Six banks are down more than 5 per cent, underperforming the broad S&P/TSX Composite Index.