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Do you consider yourself a contrarian investor, always looking for opportunities against market trends? For ideas on how to start your own contrarian search, we ran a screen.

We began by screening for stocks with bearish sentiment, with float shorts above 10%. We then screened for those that also appear undervalued relative to earnings growth, with PEG below 1.

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.

Tool provided by Kapitall.

Do you think greater volatility is on the horizon? Use this list as a starting point for your own analysis.

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

1. US Airways Group, Inc. (LCC): Provides air transportation for passengers and cargo. Market cap at $1.89B, most recent closing price at $11.62. PEG at 0.24. Float short at 15.03%. Correlation with the VIX index at 0.692 over the last 60 days.

2. Beasley Broadcast Group Inc. (NASDAQ:BBGI): Engages in acquiring, developing, and operating radio stations in the United States. Market cap at $134.35M, most recent closing price at $5.89. PEG at 0.42. Float short at 11.60%. Correlation with the VIX index at 0.675 over the last 60 days.

3. AmTrust Financial Services, Inc. (NASDAQ:AFSI): Operates as a multinational specialty property and casualty insurance company in the United States and internationally. Market cap at $1.8B, most recent closing price at $29.65. PEG at 0.96. Float short at 15.64%. Correlation with the VIX index at 0.634 over the last 60 days.

4. Akorn, Inc. (NASDAQ:AKRX): Engages in the manufacture and marketing of diagnostic and therapeutic pharmaceutical products, hospital drugs, and injectable pharmaceuticals in the United States and internationally. Market cap at $1.34B, most recent closing price at $14.14. PEG at 0.72. Float short at 14.76%. Correlation with the VIX index at 0.541 over the last 60 days.

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

Source: 4 Highly Shorted, Undervalued Stocks Positively Correlated With Volatility