Despite the market trading up this year, there are growing signs in the market that volatility still exists. That market volatility could turn into a slowdown, or worse, a recession. This means that investors would be wise to consider investments to weather any market storm.

Fortunately, there is one such investment that can (and has) upheld any market storm imaginable in the past half-century: Fortis (TSX:FTS).

Meet Fortis, the stock that can weather any market storm

Most long-term investors are aware of Fortis. The company is one of the largest utility stocks on the market.

Utility stocks are great long-term investments for any portfolio. That view comes thanks to the sheer simplicity and brilliance of the business model that utilities like Fortis adhere to.

In short, Fortis provides utility services, serving a whopping 3.5 million customers across both gas and electric segments. Those segments are backed by regulated, long-term contracts.

This means that Fortis continues to generate a recurring revenue stream (and by extension, a healthy, well-covered dividend) for as long as it continues to provide that utility service.

It’s a stable business model that’s largely immune to volatility, which is great for those investors seeking options to weather any market storm.

That may not sound like an exciting investment that is full of insane long-term growth potential, and that’s perfectly fine.

What Fortis does is provide a reliable service that generates a recurring revenue stream that funds growth and pays out a handsome dividend. And it does all of that from within one of the most impressive defensive moats on the market.

Fortis does offer some growth

The stereotype view of utilities is that they are boring investments. That view is based on the notion that utilities like Fortis, with their stable revenue stream, have neither the ability nor the incentive to invest in growth.

Fortunately, Fortis is not known to rest on its laurels.

The company has completed increasingly larger acquisitions over the years, leading to its current state as a $75 billion behemoth. That includes a portfolio of 10 utilities operating across Canada, the U.S., and the Caribbean.

That level of diversification is huge for investors looking to navigate any market storm.

To further illustrate growth appeal, Fortis has allocated a whopping $26 billion towards a growth-focused five-year capital fund. That includes improvements and upgrades to transmission lines as well as investments in renewables.

What about that dividend?

One of the main reasons why Fortis is such a great option to weather any market storm comes down to its dividend. The company offers a quarterly dividend that pays out an appetizing 3.66% yield.

That’s not the highest yield in the market, but it’s well-covered and growing. In fact, Fortis has provided investors with annual upticks to that dividend for an incredible 51 consecutive years without fail.

That incredible feat makes Fortis one of the top picks for any portfolio, and a great option that can withstand any market storm.

In my opinion, Fortis should be part of any well-diversified portfolio.