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If you think that market volatility will calm down in the near future, pay attention to this list.

We ran a screen on stocks trading under $3 for those with very negative correlations to VIX, the volatility index (or “fear gauge”), over the last three months.

The VIX index measures the implied volatility of S&P 500 (SPY) index options, and it increases when market uncertainty takes over. If a stock has negative historical correlation with the VIX, it has tended to perform well when volatility and uncertainty subside.

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.

(Click chart for more detail)

Do you think market volatility will subside? Use this list as a starting-off point for your own analysis.

List sorted by correlation to VIX.

1. DryShips, Inc. (DRYS): Engages in the ownership and operation of drybulk carriers and drilling rigs that operate worldwide. Market cap of $1.04B. Price at $2.96. Correlation to the VIX index at -0.96. This is a risky stock that is significantly more volatile than the overall market (beta = 3.35). It's been a rough couple of days for the stock, losing 8.74% over the last week.

2. FelCor Lodging Trust Inc. (FCH): Operates as a lodging real estate investment trust (REIT) primarily in the United States. Market cap of $342.57M. Price at $2.85. Correlation to the VIX index at -0.95. The stock is a short squeeze candidate, with a short float at 5.99% (equivalent to 5.19 days of average volume). The stock has performed poorly over the last month, losing 29.49%.

3. Standard Pacific Corp. (SPF): Operates as a diversified builder of single-family attached and detached homes in the United States. Market cap of $457.45M. Price at $2.45. Correlation to the VIX index at -0.95. This is a risky stock that is significantly more volatile than the overall market (beta = 2.3). The stock is a short squeeze candidate, with a short float at 11.18% (equivalent to 8.7 days of average volume). It's been a rough couple of days for the stock, losing 14.13% over the last week.

4. Quantum Corporation (QTM): Operates as a storage company that provides backup, recovery, and archive solutions to small businesses to multinational enterprises in the United States and internationally. Market cap of $405.83M. Price at $1.89. Correlation to the VIX index at -0.95. This is a risky stock that is significantly more volatile than the overall market (beta = 3.31). It's been a rough couple of days for the stock, losing 11.62% over the last week.

5. Geron Corporation (GERN): Develops biopharmaceuticals for the treatment of cancer and chronic degenerative diseases, including spinal cord injury, heart failure, and diabetes. Market cap of $340.40M. Price at $2.64. Correlation to the VIX index at -0.95. The stock is a short squeeze candidate, with a short float at 11.24% (equivalent to 8.78 days of average volume). The stock has performed poorly over the last month, losing 12.5%.

6. Lloyds Banking Group plc (LYG): Provides various banking and financial services to personal and corporate customers primarily in the United Kingdom. Market cap of $33.86B. Price at $2.05. Correlation to the VIX index at -0.94. This is a risky stock that is significantly more volatile than the overall market (beta = 2.13). The stock has performed poorly over the last month, losing 10.86%.

7. Crown Media Holdings Inc. (CRWN): Owns and operates pay television channels in the United States and Puerto Rico. Market cap of $417.23M. Price at $1.23. Correlation to the VIX index at -0.93. The stock is a short squeeze candidate, with a short float at 14.64% (equivalent to 34.59 days of average volume). It's been a rough couple of days for the stock, losing 13.43% over the last week.

8. Sonus Networks, Inc. (SONS): Provides voice and data infrastructure solutions for wireline and wireless telephone service providers. Market cap of $623.86M. Price at $2.33. Correlation to the VIX index at -0.93. The stock is a short squeeze candidate, with a short float at 7.69% (equivalent to 6.34 days of average volume). It's been a rough couple of days for the stock, losing 8.94% over the last week.

9. Moneygram International Inc. (MGI): Provides payment services worldwide. Market cap of $956.71M. Price at $2.50. Correlation to the VIX index at -0.93. It's been a rough couple of days for the stock, losing 6.98% over the last week.

10. Synovus Financial Corp. (SNV): Provides commercial and retail banking, financial management, insurance, and mortgage services in Georgia, Alabama, South Carolina, Florida, and Tennessee. Market cap of $1.04B. Price at $1.38. Correlation to the VIX index at -0.93. The stock is a short squeeze candidate, with a short float at 8.11% (equivalent to 5.72 days of average volume). It's been a rough couple of days for the stock, losing 10.88% over the last week.

11. United Microelectronics Corporation (UMC): Operates as a semiconductor wafer foundry. Market cap of $4.92B. Price at $1.92. Correlation to the VIX index at -0.93. The stock has lost 23.27% over the last year.

12. Mueller Water Products, Inc. (MWA): Manufactures and markets a range of water infrastructure, flow control, and piping component system products for use in water distribution networks and water treatment facilities in the United States and Canada. Market cap of $345.41M. Price at $2.32. Correlation to the VIX index at -0.93. This is a risky stock that is significantly more volatile than the overall market (beta = 2.5). The stock is a short squeeze candidate, with a short float at 7.27% (equivalent to 6.12 days of average volume). It's been a rough couple of days for the stock, losing 10.84% over the last week.

13. Vantage Drilling Company (VTG): Provides offshore contract drilling services to large multinational oil and natural gas companies, government owned oil and natural gas companies, and independent oil and natural gas producers in the United States and internationally. Market cap of $392.39M. Price at $1.32. Correlation to the VIX index at -0.92. This is a risky stock that is significantly more volatile than the overall market (beta = 2.04). The stock has lost 7.53% over the last year.

14. Level 3 Communications Inc. (LVLT): Engages in the communications business in North America and Europe. Market cap of $2.96B. Price at $1.69. Correlation to the VIX index at -0.92. The stock is a short squeeze candidate, with a short float at 10.73% (equivalent to 6.89 days of average volume). It's been a rough couple of days for the stock, losing 11.7% over the last week.

15. Charming Shoppes Inc. (CHRS): Operates as a specialty apparel retailer primarily for women in the United States. Market cap of $315.63M. Price at $2.80. Correlation to the VIX index at -0.91. This is a risky stock that is significantly more volatile than the overall market (beta = 3.48). The stock is a short squeeze candidate, with a short float at 9.87% (equivalent to 7.13 days of average volume). It's been a rough couple of days for the stock, losing 11.15% over the last week.

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

Source: 15 Stocks Under $3 Negatively Correlated To Market Volatility