"Trump is probably more aggressive on national defense. Clinton is more hawkish than Obama. That would be positive for aerospace and defense. Both would be positive for defense but probably more so Trump than Clinton," said Webman. He said if Clinton were to become aggressive on Wall Street, that would be positive for regional banks.
"Health care ... is one where investors should pay close attention, particularly on pharmaceuticals and expensive medical equipment," said Webman.
As for the financial sector, Gardner said it's hard to tell where exactly Trump stands. "It's really impossible to say what a Trump presidency means. He's blasted Dodd-Frank. That's typical of all the Republicans, but he doesn't say what he would do. Until we see who is advising him on the financial sector policy, who might be in the administration, who he might appoint to the regulatory agencies, we don't know. I think that's a negative for financials. The lack of uncertainty is eventually going to start to disturb some investors in the sector," he said.
Clinton is not seen as positive either but she has given more clues on the direction she would take. "She's pretty clear that she's not looking to break up the universal banks. She's looking more at the nonbank financials and the shadow banking system. I think the hedge fund world and asset managers would maybe slightly underperform, but I think investors expect her to take a cautious approach. I think they understand the campaign rhetoric," he said.
But Webman said the election brings a bigger concern, and investors should protect themselves by diversifying globally. "Not that the election is a negative for the U.S. but there is going to be uncertainty about the regulatory environment for U.S. companies," he said.
Gardner said he is watching congressional primary races in Alabama, where Sen. Richard Shelby, chairman of the Senate Banking Committee is seeking re-election, and Texas where House Ways and Means Chairman Kevin Brady is running against four opponents.
"He's got to get a majority to avoid a runoff. So is the anti-establishment fervor going to cause Brady problems? Brady is a rock-solid Republican. If he has problems, the alarm bells are going off," he said.
Disclosure: NBC Universal, CNBC's parent, is a minority investor in Kensho
Update: Clarifies that Republican contests are in 11 states.