Analysts don't expect much of a recovery in beaten-up areas of the market until possibly the latter part of 2016, when oil is forecast to recover from near-seven-year lows.
"If you look at sector performance year-over-year, often the lowest performers will do well next year. That has not been the case the last couple years," said Jim Dunigan, chief investment officer at PNC Asset Management.
"Energy — you have the opportunity to have that reverse but maybe not until the second half," he said.
For now, oil prices are expected to remain under pressure from continued negative factors of strength in the greenback, concerns about oversupply as OPEC keeps pumping, and lack of demand, particularly from a slowing Chinese economy. The lifting of the U.S. oil export ban in late December helped push WTI to settle above Brent for the first time since August 2010.
The plunge in energy raised concerns about junk bonds, rattling the overall market. The SPDR Barclays High Yield Bond ETF (JNK) and iShares iBoxx USD High Yield Corporate Bond ETF (HYG) lost more than 10 percent each in 2015.
Not much could offset that downward drag next year, as the market leaders outside of Amazon and Netflix could also face pressure in 2016.
S&P Capital IQ has a "hold" rating on Alphabet, "buys" on the three other FANG stocks, but no "strong buys."
That "implies we might have confidence in the companies and business models and ability to deliver, but not as much comfort on the valuations," said Scott Kessler, head of technology sector research at S&P Capital IQ.
The S&P 500 closed 0.7 percent lower after three years of double-digit gains, and Wall Street generally expects single-digit returns in 2016 as well.
Read MoreStocks close lower; worst year for S&P, Dow since 2008
That muted annual gain will likely come after more volatility in 2016 as traders parse data and Federal Reserve commentary in an attempt to gauge the pace of tightening. This year, the Fed kept markets on edge for months until finally raising rates for the first time in nearly a decade in December.
Treasury markets whipsawed as well. The 10-year note yield is on track to end 2015 only modestly higher after some volatile moves this year. The 2-year Treasury note yield, most influenced by Fed rate hikes, is above 1 percent for the first time in more than 5 years as the central bank raised rates.
The U.S. dollar index gained more than 9 percent for the year, its third-straight year of gains as expectations of Fed tightening increased. Spot gold posted three-straight years of losses, falling more than 10 percent in 2015.
Read MoreOnly one global currency trounced the dollar this year
Marc Chaikin, CEO of Chaikin Analytics, said investors should stick with this year's outperformers at least for the first quarter of next year. "Beyond that, a lot is dependent on the dollar and what the Fed does," he said.
In the meantime, he is optimistic on gaming stocks like Activision Blizzard and a few select consumer discretionary names.
Activision Blizzard was the third-best S&P 500 performer and had one of its best years with gains of more than 90 percent. The stock lost 43.91 percent in 2002, after posting its best year on record in 2001.