Fundamental analysis failed.

There is a one specialty ETF from issuer Wisdomtree with ticker EZY. The fund comprise large value caps with low P/E valuation. As you can see on picture it is not even following performance of S&P500 (which has the worst YTD performance among major US broad market indices). How so?
The point is that before subprime lender issue one of groups with lowest P/E ratio were financials. Banks and brokerages were traded at 10-12 times yearly earning per share. And therefore major holdings in ETF are names like Citigroup (C), JP Morgan Chase (JPM) or Bank of America (BAC). Those pulled EZY so deeply down.