Best bet after iPhone 6 launch isn't Apple: Hickey

While investors might be better off investing in the tech sector than Apple, both have historically underperformed the S&P 500 over the following three months after any iPhone introduction, Paul Hickey said Tuesday.

Shares of Apple remained relatively flat—closing at $97.99, down 0.38 percent—as the tech giant announced two new smartphones, the iPhone 6 and the iPhone 6 Plus, as well as the Apple Watch.

Read MoreApple introduces new iPhones, mobile payments, and watch

On CNBC's "Fast Money," Hickey said Apple wasn't likely to see big moves anytime soon.

"In the short term, Apple stock is typically weak," said Hickey, co-founder of Bespoke Investment Group. "It averages a decline of about half a percent one week later, almost 2 percent a month later. But the thing to keep in mind is that tech also underperforms the S&P 500 to a lesser degree—and the S&P 500 isn't exactly strong.

"For all three, Apple, the tech sector and the S&P 500, you've only seen positive returns twice in the month after these unveils."

By CNBC's Leanne Miller