The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK (

ETF Expert

) -- My clients have benefited from a healthy slice of exposure to risk in 2012. Top ETF holdings include assets like

SPDR S&P China

(GXC) - Get Report

,

Vanguard Dividend Growth

(VIG) - Get Report

,

iShares High Yield Corporate

(HYG) - Get Report

and

Vanguard Growth

(VUG) - Get Report

.

My income-oriented winners like

JP Morgan Alerian MLP

(AMJ) - Get Report

and

PowerShares CEF Income

(PCEF) - Get Report

have been noticeably slower on the capital appreciation lately. And while that was never the purpose, “20/20 hindsight” indicates that I may even be underweight traditional equities.

That said, with transportation stocks, materials, and small caps lagging the Apple-happy, large-cap benchmarks, I had been expecting a corrective period. However, it simply hasn’t come to fruition. In fact, each of the large-cap bellwethers have all eclipsed multi-year highs.

Fortunately, I don’t sell riskier assets simply because I believe a pullback is probable; rather, I sell some riskier assets when stop-loss orders execute. Similarly, I may purchase insurance via

iPath S&P 500 Mid-Term VIX Volatility

(VXZ) - Get Report

.

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The question that intrigues me right now is whether or not the multiyear highs are widespread across the economic sector landscape, or are those highs confined to the

S&P 500

,

Nasdaq

and

Dow Industrials

. It follows that I checked the nine most prominent segments and the popular ETFs representing each:

In reviewing the specific sectors, one may wish to remove

SPDR Select Financials

(XLF) - Get Report

from the assessment. After all, it has effectively reached a 52-week high and has nearly accumulated 19% in 2012 alone. And that leaves six out of eight sectors within spitting range of multiyear peaks. In essence, the S&P 500 isn’t being goosed by Apple shares alone.

The one area of weakness lies within natural resources-related industries — energy and materials. Perhaps ironically,

commodity price inflation in oil and a variety of metals

hasn’t helped the shares of the miners and explorers as much as one might expect.

Equally disconcerting for believers in the emerging market growth story, resources-intensive

Vanguard Emerging Markets

(VWO) - Get Report

is still struggling to keep pace with the

SPDR S&P 500 Trust

(SPY) - Get Report

. This is easily seen in the VWO:SPY price ratio, where it has languished below a 200-day trendline for the better part of an entire year.

VWO SPY price ratio

In sum, the evidence for investing in resources-rich emergers, or even the materials and energy sectors stateside, is lacking. If you wish to curb your energy stock exposure abroad, you might explore the possibility of tech-heavy

Taiwan

(EWT) - Get Report

or

EG Shares Low Volatility Emerging Markets

(HILO)

; the latter is chock-full of staples, health care and utilities.

Similarly, energy pipeline partnerships still offer a less volatile, and potentially more rewarding, investment in the transportation and storage of oil/gas.

Alerian MLP ETF

(AMLP) - Get Report

as well as

JP Morgan Alerian MLP ETN

(AMJ) - Get Report

are two solid contenders.

You can listen to the ETF Expert Radio Show

"LIVE", via podcast or on your iPod

. You can follow me on Twitter

@ETFexpert

.

Disclosure Statement: ETF Expert is a website that makes the world of ETFs easier to understand. Gary Gordon, Pacific Park Financial and/or its clients may hold positions in ETFs, mutual funds and investment assets mentioned. The commentary does not constitute individualized investment advice. The opinions offered are not personalized recommendations to buy, sell or hold securities. At times, issuers of exchange-traded products compensate Pacific Park Financial or its subsidiaries for advertising at the ETF Expert website. ETF Expert content is created independently of any advertising relationships. You may review additional ETF Expert at the site.

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