Tax-loss harvesting alternatives for HASI

Among the 28 Specialized Finance peers screened, JEF (Jefferies) has tracked HASI most closely over the past year, with a return correlation of 0.26. The strongest fund stand-in is KBWB (Invesco KBW Bank ETF) at 0.37 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
JEF	Jefferies	Multi-Sector Holdings	0.26	0.29	0.32	0.37
NATL	NCR Atleos	Transaction & Payment Processing Services	0.25	0.24	—	—
EFC	Ellington Financial, Inc.	Specialized Finance	0.23	0.40	0.42	0.35
CACC	Credit Acceptance	Specialized Finance	0.19	0.31	0.35	0.34
WD	Walker & Dunlop, Inc.	Commercial & Residential Mortgage Finance	0.18	0.40	0.42	0.40
EQH	Equitable Holdings	Diversified Financial Services	0.17	0.29	0.34	0.40
TOST	Toast, Inc.	Transaction & Payment Processing Services	0.15	0.27	0.34	—
XYZ	Block Inc. (Square)	Transaction & Payment Processing Services	0.14	0.26	0.34	0.37
FISV	Fiserv	Transaction & Payment Processing Services	0.13	0.13	0.19	0.29
VOYA	Voya Financial	Multi-Sector Holdings	0.11	0.26	0.28	0.32
FOUR	Shift4	Transaction & Payment Processing Services	0.11	0.20	0.29	0.29
RELY	Remitly	Transaction & Payment Processing Services	0.11	0.08	0.20	—
PYPL	PayPal Holdings	Transaction & Payment Processing Services	0.10	0.22	0.29	0.33
CPAY	Corpay	Transaction & Payment Processing Services	0.10	0.20	0.30	0.32
SEZL	Sezzle	Transaction & Payment Processing Services	0.10	0.08	0.07	—
ACT	Enact Holdings, Inc.	Commercial & Residential Mortgage Finance	0.10	0.24	0.22	—
PAYO	Payoneer Global Inc.	Transaction & Payment Processing Services	0.09	0.18	0.24	—
EEFT	Euronet Worldwide	Transaction & Payment Processing Services	0.09	0.32	0.30	0.36
GPN	Global Payments	Transaction & Payment Processing Services	0.09	0.26	0.28	0.35
NMIH	NMI Holdings, Inc.	Commercial & Residential Mortgage Finance	0.07	0.26	0.25	0.28
WEX	WEX Inc.	Transaction & Payment Processing Services	0.05	0.21	0.29	0.36
WU	Western Union	Transaction & Payment Processing Services	0.05	0.21	0.22	0.26
EVTC	EVERTEC, Inc.	Transaction & Payment Processing Services	0.03	0.21	0.25	0.30
FIS	Fidelity National Info	Transaction & Payment Processing Services	0.02	0.25	0.22	0.30
ESNT	Essent Group Ltd.	Commercial & Residential Mortgage Finance	0.00	0.25	0.30	0.33
MA	Mastercard Inc.	Transaction & Payment Processing Services	-0.05	0.12	0.23	0.32
V	Visa Inc.	Transaction & Payment Processing Services	-0.06	0.11	0.19	0.30
JKHY	Jack Henry & Associates	Transaction & Payment Processing Services	-0.06	0.18	0.23	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
KBWB	Invesco KBW Bank ETF	Large Banks	INDUSTRY	0.37	0.39	0.36	0.39
KBE	SPDR S&P Bank ETF	Banks	INDUSTRY	0.36	0.43	0.40	0.42
KRE	SPDR S&P Regional Banking ETF	Regional Banks	SUB-IND	0.36	0.42	0.38	0.41
IYF	iShares US Financials ETF	Financials Sector	SECTOR	0.34	0.36	0.39	0.45
FINX	Global X FinTech ETF	FinTech	SUB-IND	0.31	0.37	0.45	0.49
ARKF	ARK Fintech Innovation ETF	FinTech (Active)	SUB-IND	0.31	0.32	0.42	0.47
IAI	iShares Broker-Dealers & Exchanges	Capital Markets	INDUSTRY	0.31	0.32	0.37	0.41
VFH	Vanguard Financials ETF	Financials Sector	SECTOR	0.30	0.36	0.39	0.43
XLF	Financial Select Sector SPDR	Financials Sector	SECTOR	0.27	0.33	0.36	0.40
IPAY	ETFMG Prime Mobile Payments	Payments	SUB-IND	0.23	0.35	0.42	0.48
KIE	SPDR S&P Insurance ETF	Insurance	INDUSTRY	0.07	0.23	0.30	0.41
IAK	iShares US Insurance ETF	Insurance	INDUSTRY	0.04	0.18	0.24	0.37

NEXT STEPS

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Replacement research for HASI's peers

JEF NATL EFC CACC WD EQH TOST XYZ FISV VOYA FOUR RELY PYPL CPAY SEZL ACT PAYO EEFT GPN NMIH WEX WU EVTC FIS ESNT MA V JKHY

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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.