If you are worried about the potential for further declines in equities, you may opt to pair that with a deflationary asset class such as the PIMCO Total Return ETF (BOND). You can even consider an ETF that holds both stocks and bonds such as the iShares Moderate Allocation ETF (AOM), which has a beta to the S&P 500 Index of just 0.51. It often times doesn't feel comfortable to be buying something that is initially going down, but if you are confident in the investment and use a sell discipline then you can define your total risk.