Avoid an overvalued market? Don't bother: Hickey

Despite the market's high valuation, the positive performances of the S&P 500 both in May and year-to-date set up nicely for positive returns for the rest of the year, Bespoke Investment Group's Paul Hickey told the "Fast Money" traders on Wednesday.

While some analysts are warning to "sell in May and go away," investors are doing quite the opposite. The S&P 500 is up more than 2.5 percent since the beginning of the year and more than 1 percent in May alone.

How often does this happen?

Since 1929, there have been 39 years when the S&P 500 has returned gains simultaneously in May and year-to-date.

In each of those instances, the S&P 500 averaged gains of 1.1 percent in June and 7 percent for the rest of year – which is actually better than the post-1929 overall average.

Hickey points out that every market is different in its own way – and while it is helpful to draw historical correlations, many in the market today are expecting a correction because the market has performed so well in the last seven years.

The S&P 500 is currently trading almost 19 times earnings and in the 39 years discussed, there were only nine years in which the S&P 500 was trading at an even higher valuation than it is now.

In those nine years, the S&P 500 averaged a gain of 2 percent in June and 4.3 percent for the rest of year – showing that even when the market was more overvalued, we've still seen gains.

"By themselves, valuations don't have that much of an impact on the short term returns of the market," said Hickey, suggesting it would take something much greater to end this bull run.