Related: Sector ETF Plays to Keep on Your Radar Ahead

Meanwhile, the health care segment, along with the Fidelity MSCI Health Care Index ETF (NYSEArca: FHLC), Health Care Select Sector SPDR (NYSEArca: XLV) and Vanguard Health Care ETF (NYSEArca: VHT), the historically best-performing sector during the summer, is up 4.9%. The sector has been the third best area from May, which is in line with historical averages of 4.7%. Historically, the sector has beat the broader market index 64% of the time.

On the other hand, the performance or lack of gains in the consumer staples sector has been rather surprising as the defensive sector has typically done well during the summer doldrums – consumer staples have historically been the second best performing area. However, consumer staple stocks dipped -0.6% since May. The other underperforming sectors include energy, which fell 7.7%, and consumer discretionary, which dipped 1.7%.

With two more months remaining, sector ETF investors may still have more room to maneuver, especially in healthcare.

“Looking across consumer staples, health care, real estate and utilities, the valuation would suggest that health care has the best upside opportunity,” Bell said. “CFRA upgraded health care to overweight from marketweight just two weeks ago due to the reduced likelihood of repealing and replacing the Affordable Care Act in 2017, as well as an expected overall improvement in operations.”

For more information on market sectors, visit our sector ETFs category.