Related: Will the Utilities ETF Sector Keep Shining?

The trailing 12-month PE ratio for utilities of 19.85 is now higher than that of the more volatile technology sector at 19.16.

“In the last couple of weeks, though, the sector’s volatility has been increasing as sentiment on the sector has gone from extremely positive to downright apocalyptic. If you aren’t familiar with the 10-day A/D line, it is simply a breadth measure that adds up the daily number of advancing issues minus the daily number of declining issues on a rolling ten trading day basis,” according to Bespoke Investment Group.

Looking ahead, FactSet projects the utilities sector is expected to experience earnings growth of 4.4% in 2016. Consequently, analysts warned that the lofty prices may not be supported by robust earnings growth.

For more information on defensive ETFs, visit our defensive ETF category.