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Volatility is back! And here's what you can do

Volatility is making a comeback, and investors must get used to it, Charles Schwab's chief global investment strategist told CNBC on Tuesday.

Jeffrey Kleintop told "Squawk Alley" that investors can rebalance their portfolios to insulate themselves from volatility. One market that can provide a respite is Asia, he said.

"You're seeing actually a stronger dollar pay off there. The trade data looks good. More stimulus is coming into play. That may be an area in your portfolio that may actually benefit from some of the turmoil we're seeing elsewhere," he said.

On Tuesday, the dollar index rose to a record high against a basket of currencies as the Dow and S&P 500 sank more than 1 percent and breached their 50-day moving averages. The greenback also hit a 12-year peak against the euro and and all-time high against the yen.

Some analysts pointed to a strengthening dollar as the root of Tuesday's selloff. A stronger dollar makes U.S. goods more expensive on international markets and dilutes earnings when American companies repatriate profits.

Read More Market selloff is about the dollar: Koesterich

Kleintop also sees the technology sector as a safe haven. Taken as a whole, technology stocks are less exposed to volatile swings in commodity prices and the risk of dollar increases pricing out their products.

Some tech valuations are becoming a cause for concern, he warned. For that reason, investors should be cautious of high fliers, he added.

"Valuations in many ways equal volatility this year," he said.

Once markets smooth out, investors can use their long-term allocation to rebalance back to the amount of risk they typically seek to strike in their portfolios, Kleintop said.