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Do you consider yourself a value investor? For a look at potentially undervalued names, we ran a screen.

We began by screening for highly undervalued stocks, with PEG ratios below 1 and P/FCF ratios below 15.

We then screened for those with strong positive correlations to the volatility (VIX) index over the last two months. This indicates that these stocks have tended to outperform when market uncertainty and volatility spiked. This may bode well if the market sees more volatility in the future. Of course, past performance is no guarantee of future returns.

For an interactive version of this chart, click on the image below. Analyst ratings sourced from Zacks Investment Research.

Do you think more volatility is in store for the market? Use this list as a starting point for your own analysis.

List sorted by correlation with VIX over the last 60 days.

1. US Airways Group, Inc. (LCC): Provides air transportation for passengers and cargo. Market cap at $1.96B, most recent closing price at $12.07. PEG at 0.06, and P/FCF at 10.37. Correlation with the VIX index at 0.577 over the last 60 days.

2. Alaska Air Group, Inc. (ALK): Operates as an airline company serving destinations in the western United States, Canada, and Mexico. Market cap at $2.92B, most recent closing price at $41.53. PEG at 0.30, and P/FCF at 4.41. Correlation with the VIX index at 0.568 over the last 60 days.

3. Generac Holdings Inc. (GNRC): manufactures automatic, stationary standby and portable generators. The Company's generators serve the residential, commercial, industrial and telecommunications markets. Market cap at $2.4B, most recent closing price at $35.23. PEG at 0.57, and P/FCF at 12.70. Correlation with the VIX index at 0.568 over the last 60 days.

4. StanCorp Financial Group Inc. (SFG): Provides group insurance products and services in the United States. Market cap at $1.49B, most recent closing price at $33.58. PEG at 0.98, and P/FCF at 4.80. Correlation with the VIX index at 0.54 over the last 60 days.

5. InterDigital, Inc. (IDCC): Engages in the design and development of digital wireless technology solutions. Market cap at $1.67B, most recent closing price at $40.80. PEG at 0.36, and P/FCF at 6.69. Correlation with the VIX index at 0.525 over the last 60 days.

6. Cigna Corp. (CI): Operates as a health service organization. Market cap at $14.84B, most recent closing price at $51.90. PEG at 0.97, and P/FCF at 11.03. Correlation with the VIX index at 0.51 over the last 60 days.

7. RenaissanceRe Holdings Ltd. (RNR): Provides reinsurance and insurance products and services worldwide. PEG at 0.70, and P/FCF at 11.16. Market cap at $4.66B, most recent closing price at $80.18. Correlation with the VIX index at 0.502 over the last 60 days.

*Price data sourced from Yahoo! Finance, all other data sourced from Finviz.

Source: 7 Highly Undervalued Stocks Positively Correlated With Volatility