Exchange-traded funds (ETFs) designed to maximize dividend income are among the most popular these days, given the bear market conditions. Not only do they generate income; dividend ETFs are also generating higher returns than most other funds right now, because they typically consist of stable, value-oriented stocks, which tend to perform better in down markets.

Retirees may find them particularly attractive right now, for both their income and their ability to maintain solid returns and mitigate portfolio losses. Here are two of the best dividend ETFs for retirees right now.

1. First Trust Morningstar Dividend Leaders Index ETF

The First Trust Morningstar Dividend Leaders Index ETF (FDL 0.99%) tracks the Morningstar Dividend Leaders Index, which employs a proprietary model to find the 100 highest-yielding stocks out there -- with screens for companies that have maintained stable, consistent dividends. The stocks within the index are weighted based upon the amount of the dividend payments, but no one stock can exceed 10% of the portfolio. The three largest holdings are ExxonMobil, AbbVie, and Verizon Communications.

It pays out one of the highest dividends among ETFs. In September, it paid out a quarterly dividend of $0.40 per share, and it has a yield of 4.74%, which is the average yield of the index over the trailing 12 months. Last year it paid out about $1.30 per share, and this year it is on pace to pay out a similar amount. So, if you owned 100 shares of this ETF at its current $33 per share, you'd have about $130 per year in income, or about $33 per quarter.

Or, that money could be reinvested back in the ETF to boost the total return. The First Trust Morningstar Dividend Leaders Index ETF is down about 6% year to date as of Sept. 28. For the past one-year period, it is up 9%, while it has returned 9.1% and 10.6% on an annualized basis over the past five- and 10-year periods through Aug. 31.

With the S&P 500 down 11.2% over the past one-year period, it compares favorably and shows that it performs well in down markets. Even its longer-term returns, while short of the S&P 500, are competitive.

2. iShares Core High Dividend ETF

The iShares Core High Dividend ETF (HDV 0.55%) also tracks an index comprised of dividend-producing stocks, but it is a bit narrower in focus than the First Trust ETF. It tracks the Morningstar Dividend Yield Focus Index, which includes stocks with high-yielding dividends that meet screens to ensure that only high-quality companies in good financial health are in the index. It only has 75 holdings, with ExxonMobil, AbbVie, and Verizon as the current three largest holdings -- same as the First Trust ETF.

This quarter, it paid out a $1.23 per share dividend, with a 12-month average yield of 3.13%, slightly lower than the other ETF -- which shows these funds are not exactly the same. Last year, it paid out a hefty $3.50 per share dividend on an annual basis.

The ETF currently trades at about $94 per share, so if you owned 35 shares, which comes out to about the same investment as 100 shares of the First Trust ETF, you'd have about $122 in dividend income per year and an average of about $31 per quarter.

As for its returns, it is down about 6% year to date, similar to the First Trust ETF. For the past one-year period ended Aug. 31, it has returned 6.9%. Over the past five- and 10-year periods through Aug. 31, it has a total return of 7.5% and 9.1%, respectively. However, it has a lower expense ratio, 0.08%, than the First Trust ETF, which is 0.45%.

These are two very similar funds, but if you are a retiree looking for stability and consistent income, they are both great options.