The only other currency ETF that I like for safe harboring is the Swiss Franc ( FXF). It definitely came in handy during the double-threat in 2011 (i.e., U.S. debt downgrade and euro-zone debt crisis). On the other hand, the Bank of Switzerland did not sit idly by as its own franc soared through the proverbial roof. In order to keep its own economy stable, the National Bank of Switzerland printed francs by the "jillions" to ensure a peg of sorts. In other words, neither FXF or CYB are likely to make you rich. Courtesy of StockCharts.com Of course, commodities tend to come to the forefront whenever one discusses dollar devaluation. Yet the gains that might be expected in a world where developing countries pick up the economic slack for the developed countries ( e.g. 2002-2004) are not the gains that may be counted on today (i.e., 2012-2014). Strangely enough, to the extent that emerging economies have been unable to export their wares, the less demand many of them have had for natural resources and related hard assets. It follows that commodity ETFs/ETNs as well as precious metals have not sheltered investors the way they have in the past. On the flip side, a solid defense may still be achieved through diversifying into commodity intensive countries like Russia. Market Vectors Russia ( RSX) has a trailing P/E of 10, which is 30% cheaper than the S&P 500 SPDR Trust ( SPY). RSX yields 2.6% to SPY's 2.0%. The price-to-sales ratio for RSX is roughly 0.5 whereas SPY is closer to 1.5. Equally critical, nearly three-fifth of the portfolio is dedicated to energy and basic materials. Recently, RSX experienced a "golden cross," where its 50-day trendline crossed above its 200-day trendline. Courtesy of StockCharts.comFollow @etfexpertThis article was written by an independent contributor, separate from TheStreet's regular news coverage.