As the market sell-off continues, it is helpful to look at some alternative defensive picks that might not be on the main radar.

Most defensive plays are high market cap and high dividend U.S. companies that have been around for ages. But looking outside the United States can sometimes reveal other companies that offer the same stability, with the added benefit of global diversification if a U.S.-specific problem develops.

Allianz

Allianz is the European Equivalent of BlackRock Inc. (NYSE: BLK). It performed better than BlackRock in 2015, up 5.6% compared to BlackRock’s 3.5% loss. This is especially noteworthy considering Allianz is based in Europe and had to deal with the whole eurozone Greek debt fiasco, but it still managed to outperform its major U.S. competitor. It also has a 4.5% dividend, compared to BlackRock’s 2.5%. Allianz is not immune to ups and downs, but it is currently at the same levels it was in 2006. Over the long term, shares have proven very stable.

GlaxoSmithKline

Sometimes misconstrued as an American stock because the name is so popular, GlaxoSmithKline PLC (NYSE: GSK) is actually headquartered in the United Kingdom. Dividends are approaching 6%, and though there is some risk here, dividends are safe long term. Like all Big Pharma stocks, Glaxo is heavily involved in many partnerships and drug development programs, any one of which could reverse its recent troubles in its top and bottom line.
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Vodafone

Telecom is one of the most popular sectors to find good defensive stocks. Vodafone Group PLC (NASDAQ: VOD) is the foreign equivalent of the ever popular defensive pick AT&T Inc. (NYSE: T), with about the same dividend at 5.5%. What makes Vodafone more interesting than a move like AT&T, aside from international diversification, is that it is much closer to its 52-week low than its 52 week high. This gives it some capital gains upside, whereas AT&T going up or down is generally a coin flip, and it is currently closer to its highs.

Australia & New Zealand Banking

With a market cap of over $56 billion and a dividend pushing 7.2%, Australia & New Zealand Banking is a relatively obscure but stable income gem. Australia has one of the lowest public-debt-to-GDP ratios in the Western world at less than 34%, making it a much more stable country for banking than the eurozone or the United States. New Zealand’s is 47%, still very low by comparison to Europe or the United States. New Zealand had a big spurt upward in its money supply, especially toward the end of 2015, which puts it in the boom phase of the business cycle and should benefit its banks. So aside from the high dividend, there is plenty of upside with this Aussie bank.

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