Bernstein analyst Steve Powers said Coca-Cola and Pepsi are known to be conservative when it comes to buying and hedging commodities risk, making them less subject to short-term volatility.

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Since February, he has been buying Japanese equities and hedging his exposure to the yen's moves.

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There are other moves you can make as well, such as hedging by selling covered calls or buying mutual funds that invest in foreign currencies to protect against the decline of the dollar.

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Sterling Smith, market analyst and commodity trading adviser with Country Hedging, said he does not expect an immediate let-up in safe-haven buying.

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With call buying rising in tandem with short-selling, it could be a sign that these bears are hedging their bets against an unexpected rally.

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Alternatively, strategists could be hedging short positions in the stock, reducing the cost of protection by establishing call spreads rather than simply buying calls outright.

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