The beta calculation, here performed by FactSet, is based on the correlation between a single stock and the index over the past three years, which is then squared and divided by the variance of the index.
Read MoreThis indicator suggests a huge market rally
Of course, the future may not look like the past; just because a stock has previously enjoyed a high correlation with the market, does not mean that it will going forward. But it does make sense that many of the stocks on this list would be highly market-correlated.
TripAdvisor, for instance, is a volatile and speculative stock that may be classified in both the Internet and travel industries, two sectors that should tend to do well alongside the overall economy. This mix of volatility and economic sensitivity easily describes stocks like First Solar, BestBuy and Micron as well.
For Andrew Burkly, head of institutional portfolio strategy at Oppenheimer, "We would endorse the idea of taking beta up a little bit" to play for what he sees as a likely fourth-quarter rally, "but the one thing about beta you want to remember is how you got there.
"We're really looking for high beta that have participated on the upside of the market, not just something that got whacked," Burkly said in a Tuesday "Trading Nation" interview.
To Burkly's point, six of the eight highest-beta stocks have fallen 20 percent or more over the past year, perhaps reflecting the propensity of volatility to the downside to outpace volatility to the upside.