Is a bull market really underway or are the bears just taking a break? It's a glass-half-full or glass-half-empty type of question, and the answer really depends on who you ask and your outlook on the economy. The good news is that even if you're worried about the economy or are just risk-averse, you can still invest in the stock market. The following exchange-traded funds (ETFs) can give you some excellent diversification -- and they pay dividends, too.

1. Fidelity MSCI Health Care Index ETF

The Fidelity MSCI Health Care Index ETF (FHLC 0.15%) tracks the top U.S. healthcare stocks. It is a passively managed fund, which means that there isn't a lot of trading within the fund, which keeps your fees low. At 0.08%, the fund has a low expense ratio that would cost you just $8 a year for every $10,000 that you invest in the fund.

In total, there are over 430 stocks within the fund with UnitedHealth Group, Johnson & Johnson, and Eli Lilly rounding out the top three. Combined, those three stocks account for just under 22% of the fund's total holdings. The top 10 stocks in the fund represent 47% of all the ETF's total holdings. While that might not seem like a lot of diversification, by anchoring itself with some high-quality healthcare stocks with strong underlying financials, the ETF has some great pillars that provide it with stability.

Pharmaceutical stocks account for 28% of the fund's weight, followed by healthcare providers and services at 21%, healthcare equipment and supply companies at 20%, biotech stocks at 19%, and life sciences stocks at just over 11%.

Year to date, the fund has provided investors with some good stability. When including its dividend (which yields 1.4%), its total returns are little changed. During the past five years, it has generated total returns of 65%, which is less than the S&P 500's gains of 78% during the same time frame. But for risk-averse investors it offers a bit of a trade-off, providing them with some long-term stability in exchange for more modest returns. 

2. Fidelity MSCI Consumer Staples Index ETF

Another good ETF from the same company is the Fidelity MSCI Consumer Staples Index ETF (FSTA -0.09%), which gives investors exposure to top brands and companies in retail. This fund is even more heavily weighted toward its top 10 stocks as they account for 62% of the ETF's total holdings, with Procter & Gamble, PepsiCo, and Coca-Cola, making up for a combined 30% all on their own.

The fund is passively managed and its annual expense ratio is also 0.08%. Beverages (25%), distribution and retail (22%), food products (21%), household products (20%), and tobacco (8%) are the main industries that make up the ETF. These are all staples that consumers regularly spend money on, which is why this can be an excellent option whether you're optimistic or not on the economy and regardless of whether it falls into a recession. At just over 100 stocks in total, the fund is diversified, giving investors a good mix of many essential retail and consumer goods stocks. 

The fund yields a relatively high 2.3%, (the S&P 500 averages 1.6%), which helps to pad its overall performance. Year to date, the ETF's total returns are in positive territory at over 2% and when looking at the past five years, the returns top 66%.