For investors seeking ways to play this year’s stock market comeback, looking at cheap, volatile names might lead to big gains. Stocks are off to a stronger start than many investors expected heading into 2023. Not only is the S & P 500 more than 6% higher this year, the Nasdaq Composite has gained more than 13%. Meanwhile, the Dow Jones Industrial Average, the laggard among the major indexes, is up more than 1%. To take advantage of the recent strength, gains, investors can search for high beta value stocks (which are more volatile than the broad market), that are also trading at a discount to their industry, according to a CNBC Pro screen. As these names are positively correlated to the S & P 500, they could continue to outperform during a market rally. Although that high beta also means they could underperform in a downswing. Still, investors with an appetite for higher risk names could see outsized gains using this strategy. These stocks are all members of the iShares Russell Value ETF (IWD), and have a 3-year beta greater than 1.5. What’s more, at least three quarters of Wall Street analysts covering these stocks recommend them, according to FactSet data. They’re also trading at a discount to their industry’s average price-to-earnings ratio over the next 12 months. Here are eight names. Alaska Air Group was identified as a high beta value stock, according to the screen. The carrier has a 3-year beta of 1.7, and 87% of analysts covering it rate it a buy. The stock is trading at a 9.6 forward price-to-earnings multiple, lower than the industry average of 15.8. Citi recently launched coverage of Alaska Air with a buy rating, saying in December that its “strong pricing, traffic flow from its partner airlines, and re-fleeting look attractive.” Diamondback Energy also turned up on the list. The energy company has a 3-year beta of 2.2, with 84% of analysts who cover the stock calling it a buy. Its forward price-to-earnings multiple is 6.2, lower than the industry benchmark of 9.1. Last month, Wells Fargo initiated coverage on Diamondback with an overweight rating, saying it’s a pure-play producer in the Permian basin that “continues to drive improvements in well productivity” in spite of inflationary pressures. GlobalFoundries was also on the list. The semiconductor company has a 3-year beta of 2.1, and is recommended by 82% of analysts covering it. The stock trades at a 22.5 forward price-to-earnings multiple, against the industry standard of 23.0. In January, JPMorgan named Globalfoundries among its top semiconductor picks. Other stocks that made the cut included Bath & Body Works, HCA Healthcare and Valero Energy.