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If you think that the market will see volatility and uncertainty over the coming months, you may be interested in this list.

We ran a screen on the tech sector for stocks that appear undervalued by earnings growth (PEG below 1). We then screened these stocks for those with strongly positive 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 index options, and it increases when market uncertainty takes over. If a stock has highly positive historical correlation with the VIX, it has tended to perform well when volatility and uncertainty spike. The market may be treating these stocks as "safe havens" during market crises.

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 will benefit from more market uncertainty? Use this list as a starting point for your own analysis.

List sorted by correlation to VIX.

1. BroadSoft, Inc. (NASDAQ:BSFT): Provides software that enables fixed-line, mobile, and cable service providers to deliver voice and multimedia services over Internet protocol based networks. Market cap of $831.48M. PEG at 1.0. Correlation to the VIX index at 0.74. The stock is a short squeeze candidate, with a short float at 26.23% (equivalent to 10.24 days of average volume). The stock has had a couple of great days, gaining 14.87% over the last week.

2. Spreadtrum Communications Inc. (NASDAQ:SPRD): Operates as a fabless semiconductor company that designs, develops, and markets baseband processor and RF transceiver solutions for wireless communications and mobile television markets. Market cap of $743.07M. PEG at 0.38. Correlation to the VIX index at 0.72. The stock is currently stuck in a downtrend, trading 14.16% below its SMA20, 27.97% below its SMA50, and 16.77% below its SMA200. The stock has performed poorly over the last month, losing 19.32%.

3. TeleNav, Inc. (NASDAQ:TNAV): Provides location based services for consumers and enterprises in the United States and internationally. Market cap of $332.56M. PEG at 0.35. Correlation to the VIX index at 0.65. The stock is a short squeeze candidate, with a short float at 5.57% (equivalent to 11.77 days of average volume). The stock has gained 8.33% over the last year.

4. China Telecom Corp. Ltd. (NYSE:CHA): Provides wireline and mobile telecommunications services in the People's Republic of China. Market cap of $42.08B. PEG at 0.61. Correlation to the VIX index at 0.65. The stock is currently stuck in a downtrend, trading 5.28% below its SMA20, 9.06% below its SMA50, and 12.76% below its SMA200. It's been a rough couple of days for the stock, losing 6.91% over the last week.

5. Power-One Inc. (NASDAQ:PWER): Designs, manufactures, and markets power conversion and power management solutions for the renewable energy, communications infrastructure, and other technology markets. Market cap of $497.18M. PEG at 0.31. Correlation to the VIX index at 0.63. This is a risky stock that is significantly more volatile than the overall market (beta = 2.2). The stock has had a couple of great days, gaining 14.39% over the last week.

6. Comtech Telecommunications Corp. (NASDAQ:CMTL): Designs and produces a wide range of telecom systems and services. Market cap of $613.05M. PEG at 0.46. Correlation to the VIX index at 0.63. The stock is a short squeeze candidate, with a short float at 11.15% (equivalent to 6.29 days of average volume). The stock has gained 11.67% over the last year.

7. SK Telecom Co. Ltd. (NYSE:SKM): Provides wireless telecommunications services using code division multiple access (OTCPK:CDMA) and wide-band CDMA technologies. Market cap of $8.71B. PEG at 0.84. Correlation to the VIX index at 0.62. Offers a good dividend, and appears to have good liquidity to back it up--dividend yield at 5.84%, current ratio at 1.43, and quick ratio at 1.41. The stock has lost 23.73% over the last year.

8. Kyocera Corp. (NYSE:KYO): Develops, produces, and distributes ceramic, semiconductor, and electronic products for the information and communications markets, and environment and energy markets worldwide. Market cap of $15.67B. PEG at 0.28. Correlation to the VIX index at 0.61. The stock has lost 20.32% over the last year.

9. Internet Initiative Japan Inc. (NASDAQ:IIJI): Provides Internet connectivity, outsourcing, and systems integration services to customers primarily in Japan. Market cap of $645.85M. PEG at 0.43. Correlation to the VIX index at 0.61. The stock is currently stuck in a downtrend, trading 10.44% below its SMA20, 14.06% below its SMA50, and 17.27% below its SMA200. It's been a rough couple of days for the stock, losing 8.96% over the last week.

10. Cellcom Israel Ltd. (NYSE:CEL): Provides cellular communications services in Israel. Market cap of $1.63B. PEG at 0.65. Correlation to the VIX index at 0.58. The stock has lost 43.05% over the last year.

11. KEMET Corp. (NYSE:KEM): Manufactures and sells capacitors worldwide. Market cap of $393.19M. PEG at 0.41. Correlation to the VIX index at 0.56. The stock has recently rebounded, and is currently trading 24.87% above its SMA20 and 13.07% above its SMA50. However, the stock still trades 16.28% below its SMA200. The stock has had a couple of great days, gaining 18.57% over the last week.

12. Veeco Instruments Inc. (NASDAQ:VECO): Designs, manufactures, and markets equipment to make high brightness light emitting diodes (HB LEDs), solar panels, hard-disk drives, and other devices. Market cap of $946.32M. PEG at 0.31. Correlation to the VIX index at 0.53. 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 24.64% (equivalent to 6.2 days of average volume). The stock has had a couple of great days, gaining 8% over the last week.

13. Spansion Inc. (NYSE:CODE): Engages in the design, development, manufacture, and sale of flash memory semiconductors worldwide. Market cap of $554.94M. PEG at 0.18. Correlation to the VIX index at 0.53. The stock has recently rebounded, and is currently trading 12.68% above its SMA20 and 5.78% above its SMA50. However, the stock still trades 37.15% below its SMA200. The stock has had a couple of great days, gaining 8.04% over the last week.

14. AutoNavi Holdings Limited (NASDAQ:AMAP): Provides digital map content and navigation and location-based solutions in the People's Republic of China. Market cap of $568.80M. PEG at 0.55. Correlation to the VIX index at 0.52. The stock has had a couple of great days, gaining 12.38% over the last week.

15. Digital Generation, Inc. (NASDAQ:DGIT): Provides digital technology services that enable the electronic delivery of advertisements, syndicated programs, and video news releases to traditional broadcasters, online publishers, and other media outlets. Market cap of $352.53M. PEG at 0.51. Correlation to the VIX index at 0.52. The stock has lost 56.16% over the last year.

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

Source: 15 Undervalued Tech Stocks Highly Correlated To Volatility