I'm not a market timer so I keep my allocations static, rebalancing once or twice a year. However, when I believe the market is at or near a top, I will move a small portion of my equity funds into what I like to call defensive mutual funds. Two that come to mind are YACKX and YAFFX. But when I plot these funds' performance against a domestic equities ETF (let's say VTI), I see that VTI had outperformed both of these mutual funds during a major market downdraft (I use October 1, 2007 to March 9, 2009). If I want to move a portion of my domestic equity funds into "defensive" holdings, should I continue to try to find "defensive" mutual funds or should I just go with an index ETF like VTI? Thanks!