The stock market declined rapidly after a report former national security adviser Michael Flynn was directed by President Donald Trump to talk to Russians. Here's where to hide if the developments put the Trump economic agenda that the market has cheered at risk.

ABC News cited an unidentified confidant as saying Flynn is prepared to testify that Trump directed him to make contact with the Russians.

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The S&P 500 declined as much as 1.6 percent midday Friday after the report, then pared its losses. Industrials and financials, two of the top groups that will likely benefit the most from Trump's policies, were among the worst performing sectors.

The S&P 500 index has rallied 24 percent since the Nov. 8, 2016, election through Thursday.

Using Kensho, a hedge fund analytics tool, we looked which securities performed the best on days the market fell more than 1 percent during the past year.

The finding show gold, utilities and Treasury bond ETFs were among the top performers during big market declines. The iShares 20+ Year Treasury Bond ETF rose 1 percent on average in the instances.

Past performance does not always equal future returns. However, these assets rose in value in the past year when the Trump trade was in doubt and the market declined.

Disclosure: NBCUniversal, parent of CNBC, is a minority investor in Kensho.