The Technology Select Sector SPDR (XLK) - Get Technology Select Sector SPDR Fund Report may be down over 8% so far this year but investors should not give up on the exchange-traded fund or the growth companies it holds just yet, said David Mazza, head of research State Street Global Advisors Funds.

"We know economic growth is going to be low and slow in 2016, yet the technology sector is delivering earnings growth that is significantly higher than what we can find in the broader market," said Mazza.

Mazza added that consumers, who remain robust due to lower energy prices, are focused on technology for necessities like new phones and corporate America is spending more on technology services like cybersecurity.

He also said the SPDR FactSet Innovative Technology ETF (XITK) - Get SPDR FactSet Innovative Technology ETF Report , which launched last week, should shine in the coming year. The new ETF holds emerging technology companies including Rovi (ROVI) , Super Micro Computer (SMCI) - Get SUPER MICRO COMPUTER, INC. Report , Splunk (SPLK) - Get Splunk Inc. Report , Medidata Solutions (MDSO) - Get Medidata Solutions, Inc. Report and Tableau Software (DATA) - Get Tableau Software, Inc. Class A Report .

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"All the folks in Davos are talking about this fourth industrial revolution and by focusing on innovative technology companies that are growing their earnings north of 20% as some are can be a great way for investors to harness a long term theme but add a boost of earnings to their portfolio," said Mazza.

The SPDR Barclays High Yield Bond ETF (JNK) - Get SPDR Bloomberg Barclays High Yield Bond ETF Report is down 4.5% thus far in 2016 after falling 16% in 2015. Mazza said that he is well aware of the problems in the high yield space, but investors need to look at the sector as part of an overall asset allocation.

"We've seen the yield of junk bond indices double in the past year as energy concerns have taken over that space," said Mazza. "But for investors who are looking to actually have some income in a portfolio, reduce some of the choppiness as more of the return comes from income as opposed to just capital appreciation, high yield bonds can be an interesting way to access that."

Finally, Mazza suggested the SPDR Gold Shares ETF (GLD) - Get SPDR Gold Trust Report , up over 3% year to date, would be a good buffer against volatility and political instability.

"There's a lot of uncertainty in the bond market and something like the GLD that is uncorrelated to other assets can help provide a buffer during times of market stress," said Mazza.