AdvisorShares Psychedelics ETF (PSIL) — Stock Correlations & Overview

Frequently asked questions about PSIL correlations

Which stocks are most correlated with PSIL?

Based on one year of daily returns, the stocks most correlated with AdvisorShares Psychedelics ETF (PSIL) are CMPS (0.67), BBC (0.64) and ATAI (0.63). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.

Which stocks are inversely correlated with PSIL?

Over the past year, the stocks most inversely correlated with AdvisorShares Psychedelics ETF (PSIL) are LABD (-0.56), BIS (-0.52) and RWM (-0.47). A negative correlation means the two stocks have tended to move in opposite directions.

What does a correlation of 0.8 mean for a stock?

Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.

How are these PSIL correlations calculated?

We compute the correlation of daily returns between PSIL and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.