You can diversify your portfolio with these ASX shares right now

BHP Group Ltd (ASX:BHP) and these ASX shares could be great ways to diversify and protect your portfolio from market volatility…

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I think the coronavirus-induced market crash this year demonstrates why having a diversified portfolio is very important.

The good news is that diversification isn't that hard to achieve. The ASX has many different sectors for investors to choose from and a wide range of exchange traded funds (ETFs) to lend some support.

In respect to the latter, through a single investment, ETFs can provide investors with exposure to a plethora of different industries, themes, and indices.

Three options for investors to consider for diversification are listed below:

BetaShares Asia Technology Tigers ETF (ASX: ASIA)

One area of the world that I believe has strong long term growth potential is Asia. The BetaShares Asia Technology Tigers ETF gives investors exposure to some of the largest tech companies in this region. BetaShares describes these as "companies that are revolutionising the lives of billions of people in the Asian region." This includes the likes of Alibaba, Baidu, and Tencent Holdings. Now could be an opportune time to invest and benefit from the post-coronavirus recovery.

BHP Group Ltd (ASX: BHP)

If you don't already have exposure to the resources sector, you could diversify your portfolio by investing in one of Australia's mining giants. My preferred option in the sector is BHP. I'm a big fan of the company due to its world class operations, their low costs, and its strong balance sheet. In respect to the latter, I expect this balance sheet strength to allow BHP to return the majority of its free cash flow to investors in FY 2020 and FY 2021. And with iron ore prices remaining favourable, BHP looks likely to be swimming in cash in the near term.

iShares S&P 500 ETF (ASX: IVV)

As its name implies, the iShares S&P 500 ETF gives investors exposure to Wall Street's famous S&P 500 index. This index is home to many of the largest companies in the world such as Amazon, Apple, Starbucks, and Warren Buffett's Berkshire Hathaway. And with the S&P 500 index still trading notably lower than its highs, now could be a good time to invest with a long term view.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended BetaShares Asia Technology Tigers ETF. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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