Related: ETF Investors Shouldn’t Be Too Worried About October Jinx

Still, investors are showing affinity for XLV and rival healthcare ETFs. In the third quarter, XLV has seen inflows of $2.69 billion, good for not only one of the best totals among all sector ETFs, but also good for one of the best third-quarter tallies among all US-listed ETFs. Positioning in XLV itself is viewed as a positive by some market observers.

“That has a much more protective tone. I think because of the outperformance, because of us all being very, very familiar with the political risk that comes into the health-care space with one tweet … and it’s not specifically President Donald Trump. There have been multiple tweets over the last couple of years that have certainly impacted the health-care stocks,” said Gilbert in the CNBC interview.

For more information on the markets, visit our current affairs category.