Alternatively, investors who have a strong conviction in the continued equities market rally can target the faster moving growth and momentum stocks – growth stocks are comprised of companies that are expected to grow earnings at an above-average rate. For instance, the Powershares QQQ (NasdaqGM: QQQ), which tracks the NASDAQ-100, provides a broad growth play for investors, with a 58.0% tilt toward tech companies and 18.1% position in consumer discretionary names.

Investors can also target growth-specific index ETFs, like the iShares Russell 1000 Growth ETF (NYSEArca: IWF), iShares S&P 500 Growth ETF (NYSEArca: IVW) and Vanguard Growth ETF (NYSEArca: VUG). IWF takes growth picks from the large-cap universe of Russell 1000 stocks. IVW highlights growth names from the S&P 500. VUG selects picks from the largest 85th percentile of the U.S. stocks. All three ETFs overweight tech and discretionary names as well.

Additionally, momentum ETFs, such as the First Trust Dorsey Wright Focus 5 ETF (NasdaqGM: FV) and iShares MSCI USA Momentum Factor ETF (NYSEArca: MTUM), are also options to consider. FV is based on a Dorsey, Wright & Associates index that focuses on price momentum and relative strength rankings. MTUM also selects stocks that exhibit higher price momentum.

For more information on market volatility, visit our volatility category.

Max Chen contributed to this article.