Tax-loss harvesting alternatives for AAMI

Among the 24 Asset Management & Custody Banks peers screened, IVZ (Invesco Ltd.) has tracked AAMI most closely over the past year, with a return correlation of 0.53. The strongest fund stand-in is IAI (iShares Broker-Dealers & Exchanges) at 0.49 over the past year. Correlations are computed from daily closing-price returns aligned by trading day.

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STOCKS

Single-name peers

Ticker	Name	Sub-industry	1Y	3Y	5Y	10Y
IVZ	Invesco Ltd.	Asset Management & Custody Banks	0.53	0.53	0.57	0.55
BLK	BlackRock Inc.	Asset Management & Custody Banks	0.49	0.52	0.56	0.55
CG	Carlyle Group (The)	Asset Management & Custody Banks	0.49	0.53	0.55	0.52
ARES	Ares Management	Asset Management & Custody Banks	0.48	0.49	0.53	0.46
CRBG	Corebridge Financial	Asset Management & Custody Banks	0.47	0.48	0.45	—
STT	State Street Corp.	Asset Management & Custody Banks	0.46	0.50	0.50	0.53
KKR	KKR & Co.	Asset Management & Custody Banks	0.46	0.49	0.54	0.52
VCTR	Victory Capital Holdings, Inc.	Asset Management & Custody Banks	0.45	0.50	0.51	0.45
NTRS	Northern Trust	Asset Management & Custody Banks	0.45	0.46	0.48	0.53
BX	Blackstone Inc.	Asset Management & Custody Banks	0.45	0.51	0.53	0.49
STEP	StepStone Group	Asset Management & Custody Banks	0.44	0.48	0.52	—
BEN	Franklin Templeton	Asset Management & Custody Banks	0.44	0.47	0.51	0.47
AMG	Affiliated Managers Group	Asset Management & Custody Banks	0.42	0.50	0.56	0.50
APO	Apollo Global Management	Asset Management & Custody Banks	0.41	0.47	0.49	0.46
BNY	BNY Mellon	Asset Management & Custody Banks	0.41	0.44	0.47	0.49
VRTS	Virtus Investment Partners, Inc.	Asset Management & Custody Banks	0.39	0.50	0.56	0.54
FHI	Federated Hermes	Asset Management & Custody Banks	0.39	0.45	0.47	0.51
WT	WisdomTree Investments, Inc.	Asset Management & Custody Banks	0.37	0.45	0.48	0.49
AMP	Ameriprise Financial	Asset Management & Custody Banks	0.37	0.48	0.52	0.57
APAM	Artisan Partners Asset Management, Inc.	Asset Management & Custody Banks	0.37	0.51	0.54	0.53
HLNE	Hamilton Lane	Asset Management & Custody Banks	0.34	0.44	0.48	0.46
CNS	Cohen & Steers, Inc.	Asset Management & Custody Banks	0.33	0.48	0.51	0.50
SEIC	SEI Investments Company	Asset Management & Custody Banks	0.31	0.44	0.49	0.50
TROW	T. Rowe Price	Asset Management & Custody Banks	0.28	0.44	0.51	0.49

ETFS

Fund stand-ins

An ETF is generally not 'substantially identical' to a single stock, which is why funds are the standard wash-sale-aware replacement.

Ticker	Name	Focus	Match	1Y	3Y	5Y	10Y
IAI	iShares Broker-Dealers & Exchanges	Capital Markets	INDUSTRY	0.49	0.55	0.58	0.58
IYF	iShares US Financials ETF	Financials Sector	SECTOR	0.45	0.55	0.58	0.60
KBWB	Invesco KBW Bank ETF	Large Banks	INDUSTRY	0.44	0.54	0.55	0.57
FINX	Global X FinTech ETF	FinTech	SUB-IND	0.44	0.50	0.53	0.52
VFH	Vanguard Financials ETF	Financials Sector	SECTOR	0.43	0.54	0.58	0.60
ARKF	ARK Fintech Innovation ETF	FinTech (Active)	SUB-IND	0.43	0.46	0.49	0.47
XLF	Financial Select Sector SPDR	Financials Sector	SECTOR	0.41	0.51	0.55	0.59
IPAY	ETFMG Prime Mobile Payments	Payments	SUB-IND	0.37	0.48	0.53	0.55
KBE	SPDR S&P Bank ETF	Banks	INDUSTRY	0.37	0.53	0.55	0.57
KRE	SPDR S&P Regional Banking ETF	Regional Banks	SUB-IND	0.34	0.51	0.53	0.55
KIE	SPDR S&P Insurance ETF	Insurance	INDUSTRY	0.12	0.34	0.44	0.53
IAK	iShares US Insurance ETF	Insurance	INDUSTRY	0.04	0.27	0.37	0.49

NEXT STEPS

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Replacement research for AAMI's peers

IVZ BLK CG ARES CRBG STT KKR VCTR NTRS BX STEP BEN AMG APO BNY VRTS FHI WT AMP APAM HLNE CNS SEIC TROW

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Method: Pearson correlation of daily closing-price returns, Yahoo Finance data, series aligned by trading day, refreshed weekly. A cell is blank when overlapping history covers less than 60% of its window. Correlation is descriptive, not predictive. Wash-sale treatment depends on facts and circumstances — confirm with a tax professional. Not investment advice.