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The VIX index, also known as the “fear gauge,” measures the implied volatility of S&P 500 index options, and it increases when market uncertainty takes over. If a stock has a high historical correlation with the VIX, it has tended to perform well during times of volatility and uncertainty.

But of course, past performance is no guarantee of future results.

We ran a screen on small-cap stocks that appear undervalued to earnings growth, with PEG below 1. We screened these stocks for those with a high correlation to VIX over the last three months.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. To access a complete analysis of this list's recent performance, click here.

Do you think these stocks would weather a stock market storm? Use this list as a starting-off point for your own analysis.

List sorted by correlation to VIX.

1. Collectors Universe Inc. (NASDAQ:CLCT): Business Services Industry. Market cap of $137.07M. PEG at 0.44. Correlation to the VIX index at 0.82. Exhibiting strong upside momentum--currently trading 8.35% above its SMA20, 14.42% above its SMA50, and 23.12% above its SMA200. The stock has had a couple of great days, gaining 7.1% over the last week.

2. Lentuo International Inc. (NYSE:LAS): Auto Dealerships Industry. Market cap of $200.40M. PEG at 0.61. Correlation to the VIX index at 0.65. The stock has had a good month, gaining 16.44%.

3. TESSCO Technologies Inc. (NASDAQ:TESS): Electronics Wholesale Industry. Market cap of $114.78M. PEG at 0.62. Correlation to the VIX index at 0.55. The stock has had a couple of great days, gaining 5.11% over the last week.

4. ChinaCast Education Corporation (OTCPK:CAST): Education & Training Services Industry. Market cap of $242.50M. PEG at 0.82. Correlation to the VIX index at 0.53. The stock is a short squeeze candidate, with a short float at 19.39% (equivalent to 18.85 days of average volume). The stock has had a couple of great days, gaining 12.76% over the last week.

5. National American University Holdings, Inc. (NASDAQ:NAUH): Education & Training Services Industry. Market cap of $249.06M. PEG at 0.62. Correlation to the VIX index at 0.40. The stock has gained 64.4% over the last year.

6. China Cord Blood Corporation (NYSE:CO): Medical Laboratories & Research Industry. Market cap of $256.39M. PEG at 0.68. Correlation to the VIX index at 0.39. The stock has lost 28.72% over the last year.

7. Cumberland Pharmaceuticals, Inc. (NASDAQ:CPIX): Drug Manufacturers Industry. Market cap of $126.36M. PEG at 0.84. Correlation to the VIX index at 0.33. The stock is a short squeeze candidate, with a short float at 10.6% (equivalent to 15.85 days of average volume). The stock has lost 2.82% over the last year.

8. Metropolitan Health Networks Inc. (MDF): Health Care Plans Industry. Market cap of $205.96M. PEG at 0.80. Correlation to the VIX index at 0.29. The stock has had a couple of great days, gaining 7.28% over the last week.

9. Virginia Commerce Bancorp Inc. (NASDAQ:VCBI): Regiona Banks Industry. Market cap of $174.81M. PEG at 0.88. Correlation to the VIX index at 0.23. The stock has lost 0.51% over the last year.

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

Source: 9 Undervalued Small Caps Correlated With Market Volatility