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The utilities exchange traded funds were one of the top performing sectors for the first quarter. Utilities Select Sector SPDR (NYSEARCA:XLU) was up 8.4%. PowerShares Dynamic Utilities (NYSEARCA:PUI) gained 6.6% in the quarter and features 38 stocks, reports Murray Coleman for MarketWatch.com.

It's a good mix of different types of utilities from generators to natural gas producers. Valuations for the industry are steep and there doesn't seem to be any serious correction in coming quarters. Utilities are defensive in nature and make a good dividend play, which could keep them in high demand.

XLU vs. PUI 1-yr chart: