I don't know if the long-term performance of the mutual funds mentioned in this TheStreet article
will be better than low-cost index funds, but they may help with diversification. Here's one of the funds mentioned:
While the S&P 500 Index lost 37% of its value during 2008, Rydex/SGI made 8.5% for the year. The gain is particularly noteworthy because the mutual fund invests in commodities, which recorded huge losses.