The Bankrate.com recently conducted a survey to define best index funds that would cater to investors needs to hedge their individual long bids on this nervous market. So far, according to CME Group's Fedwatch tool, investors assess an 88% chance of the Fed hiking rates by 25 basis points next month, but they have also priced in rate cuts by the end of the year.

Data showed the number of Americans filing new claims for unemployment benefits increased moderately last week, suggesting that the labor market was gradually slowing, while another set of numbers showed factory activity in the U.S. Mid-Atlantic region slumped more than expected in April.

The list below includes index funds from a variety of companies tracking a broadly diversified index, and it includes some lowest-cost funds one can buy and sell on the public markets. When it comes to index funds like these, one of the most important factors is total return relative to cost. Included are three mutual funds and seven ETFs:

● Fidelity ZERO Large Cap Index

● Vanguard S&P 500 ETF

● SPDR S&P 500 ETF Trust

● iShares Core S&P 500 ETF

● Schwab S&P 500 Index Fund

● Shelton NASDAQ-100 Index Direct

● Invesco QQQ Trust ETF

● Vanguard Russell 2000 ETF

● Vanguard Total Stock Market ETF

● SPDR Dow Jones Industrial Average ETF Trust