This is obviously a loaded question, but I’ll bite and say check out PFF - the iShares US Preferred Stock ETF. Minimal upside, but low volatility and a 5% dividend yield. That’s perfect for what I have been looking for. My bond funds have been a joke so it feels like dead money. Your idea is better. I’m very overweight in BP and need to diversify. You could also go for something like WE Energies, which is basically a government guaranteed monopoly and pays good dividends. I haven't done the research, but I'd think they'd be basically immune to a recession.