Tax-loss harvesting alternatives for ADP

Among the 9 Human Resource & Employment Services peers screened, PAYX (Paychex Inc.) has tracked ADP most closely over the past year, with a return correlation of 0.87. The strongest fund stand-in is IYT (iShares Transportation Average) at 0.12 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
PAYX	Paychex Inc.	Human Resource & Employment Services	0.87	0.83	0.84	0.81
PCTY	Paylocity	Human Resource & Employment Services	0.76	0.60	0.58	0.53
PAYC	Paycom	Human Resource & Employment Services	0.65	0.55	0.54	0.53
KFY	Korn/Ferry International	Human Resource & Employment Services	0.61	0.45	0.48	0.49
MAN	ManpowerGroup	Human Resource & Employment Services	0.54	0.43	0.43	0.44
NSP	Insperity	Human Resource & Employment Services	0.53	0.46	0.47	0.47
FA	First Advantage Corporation	Human Resource & Employment Services	0.53	0.45	0.42	—
RHI	Robert Half	Human Resource & Employment Services	0.50	0.44	0.44	0.46
UPWK	Upwork, Inc.	Human Resource & Employment Services	0.38	0.31	0.32	0.24

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
IYT	iShares Transportation Average	Transportation	INDUSTRY	0.12	0.31	0.45	0.56
XTN	SPDR S&P Transportation ETF	Transportation	INDUSTRY	0.10	0.27	0.41	0.51
JETS	US Global Jets ETF	Airlines	SUB-IND	0.03	0.22	0.32	0.43
IYJ	iShares US Industrials ETF	Industrials Sector	SECTOR	0.00	0.34	0.53	0.66
PPA	Invesco Aerospace & Defense ETF	Aerospace & Defense	INDUSTRY	-0.11	0.20	0.40	0.57
ITA	iShares Aerospace & Defense ETF	Aerospace & Defense	INDUSTRY	-0.12	0.19	0.37	0.54
XAR	SPDR S&P Aerospace & Defense	Aerospace & Defense (Equal Wt)	INDUSTRY	-0.15	0.14	0.34	0.51
BOTZ	Global X Robotics & AI	Robotics & AI	SECTOR	-0.15	0.13	0.34	0.48
XLI	Industrial Select Sector SPDR	Industrials Sector	SECTOR	-0.18	0.25	0.46	0.61
VIS	Vanguard Industrials ETF	Industrials Sector	SECTOR	-0.18	0.23	0.45	0.60
FIDU	Fidelity MSCI Industrials ETF	Industrials Sector	SECTOR	-0.20	0.23	0.45	0.60
PAVE	Global X US Infrastructure	Infrastructure	SECTOR	-0.26	0.16	0.39	0.55

NEXT STEPS

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Replacement research for ADP's peers

PAYX PCTY PAYC KFY MAN NSP FA RHI UPWK

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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.