CNBC's Jim Cramer on Wednesday advised that retail investors stick by their technology holdings that can weather a future downturn as value stocks outperform growth stocks.

"They're currently out of favor in the Wall Street fashion show. I'm telling you it's temporary," the "Mad Money" host said. "You have to resist the urge to believe that 'FAANG' is finished and dump it on the obituary chatter."

FAANG is an acronym for Facebook, Amazon, Apple, Netflix and Google-parent Alphabet. They were among the biggest winners at the height of the Covid-19 pandemic last year. But with the economy recovering and social distancing policies easing, cyclical names like Freeport-McMoRan and Cleveland-Cliffs are making massive gains compared to the tech giants.

Only two of those Big Tech stocks — Facebook and Alphabet — are outperforming the S&P 500 in 2021. Apple and Netflix, meanwhile, are down year to date. Still, Cramer said the entire group is worth owning for the long-haul.

"This is the year to own Facebook and Alphabet, the advertising plays," he said. "Other years were better for Netflix or Amazon or Apple, so don't assume they all deserve to trade together."

Cramer also said that while names like Freeport-McMoRan and Cleveland-Cliffs are up sharply this year, they still face certain challenges. Freeport-McMoRan is up nearly 60% in 2021, and Cleveland-Cliffs has rallied 38.7%.

"Each of them has been threatened by recessions and foreign competition. At times, Cleveland-Cliffs and Freeport have had to go hat in hand for money to survive," he said. "The FAANG stocks, they don't have to do that."

To be sure, Cramer recommends investors maintain a diversified portfolio with exposure to both cyclical and growth stocks.

"If you're incredibly nimble, you can swap out of these stocks and then swap back in near the bottom; however, that's way too hard for me and for many people to pull off," he said.

Disclosure: Cramer's charitable trust owns shares of Facebook, Amazon, Alphabet and Apple.

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