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. 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).