ETFs tied to gold and Treasury Inflation Protected Securities have had a pretty rough time lately as the inflation that many predicted would result from central bank easing hasn’t materialized.

For example, iShares TIPS Bond ETF (NYSEArca: TIP) is down about 6% year to date and SPDR Gold Shares (NYSEArca: GLD) is off 24%.

Still, it may make sense for investors to keep at least a small amount of inflation protection in their portfolios.

“Our view is that investors, who include gold in their portfolio for diversification reasons and as an inflation hedge, should maintain that position, and for long-term investors a small allocation to gold could be reasonable,” wrote Russ Koesterich, iShares Global Chief Investment Strategist, in a recent commentary. [Has Gold Lost its Luster?]

And some high-profile gold ETF investors aren’t abandoning the inflation theme.

Hedge fund manager John Paulson said “the rationale for owning gold is valid,” because inflation will rise over time, Reuters report. He is the largest shareholder in GLD, the gold ETF.