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These are the top performing stocks and ETFs in a historically bad January

Published Fri, Jan 28 202212:36 PM EST

Jesse Pound @/in/jesse-pound @jesserpound

It has been a historically bad start to the year on Wall Street, but a few bright spots have managed to peak through. The S & P 500 is on track for one of its worst Januarys on record, while the Nasdaq Composite has fallen into correction territory as high inflation readings and an increasingly hawkish Federal Reserve have roiled the risk markets. "What we've been telling our advisors is stocks are really expensive by the valuation metrics. You can justify that with low interest rates and low inflation, but inflation is high and rates are moving higher. ... It's a really tough environment to invest," said Gene Goldman, chief investment officer at Cetera Investment Management. Goldman added that materials and energy were among his favorite sectors for the current market environment. Energy is the best-performing sector in January, thanks to oil prices that have climbed above $80 per barrel. In fact, the top 10 S & P 500 stocks for the month through Thursday's close are oil and gas names. Halliburton and Schlumberger have been the best two performers, rising about 35% and 30%, respectively. The rally for energy stocks comes after years of underperformance for the group, which was hurt last decade by the aftermath of the shale boom and increased investor focus on the en