Bobrinskoy advises investors to stick with stocks in an inflationary environment. Specifically, he points to fertilizer companies and oil stocks. Maki also points to strength in the oil sector, especially with rising volatility in the Middle East to support oil futures.

ETF investors can gain exposure to the fertilizer industry through a targeted ETF, like d Global X Fertilizers/Potash ETF (NYSEArca: SOIL), which is up 4.8% year-to-date. Additionally, broad agribusiness ETFs such as the Market Vectors Agribusiness (NYSEArca: MOO) include fertilizer producers, along with other companies involved with chemicals, equipment, agricultural products and live stock, among others.

The energy sector has also been outpacing the broader markets. The Energy Select Sector SPDR (NYSEArca: XLE) is up 14.0% year-to-date, while the iShares U.S. Energy ETF (NYSEArca: IYE) is 13.2% higher. [Oil Surges, but Energy ETF Still Attractively Valued]

For more information on inflation, visit our inflation category.

Max Chen contributed to this article.