Tax-loss harvesting alternatives for ICE

Among the 12 Financial Exchanges & Data peers screened, NDAQ (Nasdaq Inc.) has tracked ICE most closely over the past year, with a return correlation of 0.61. The strongest fund stand-in is XLF (Financial Select Sector SPDR) at 0.48 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
NDAQ	Nasdaq Inc.	Financial Exchanges & Data	0.61	0.58	0.61	0.68
SPGI	S&P Global	Financial Exchanges & Data	0.55	0.53	0.59	0.63
MCO	Moody's Corporation	Financial Exchanges & Data	0.51	0.53	0.59	0.63
MORN	Morningstar, Inc.	Financial Exchanges & Data	0.49	0.47	0.50	0.46
CME	CME Group	Financial Exchanges & Data	0.47	0.41	0.50	0.64
MSCI	MSCI Inc.	Financial Exchanges & Data	0.47	0.42	0.51	0.56
FDS	FactSet	Financial Exchanges & Data	0.39	0.38	0.43	0.52
DFIN	Donnelley Financial Solutions, Inc.	Financial Exchanges & Data	0.37	0.35	0.38	0.37
MKTX	MarketAxess	Financial Exchanges & Data	0.35	0.29	0.35	0.43
VIRT	Virtu Financial, Inc.	Financial Exchanges & Data	0.29	0.27	0.30	0.20
CBOE	Cboe Global Markets	Financial Exchanges & Data	0.27	0.27	0.35	0.46
COIN	Coinbase Global	Financial Exchanges & Data	0.24	0.22	0.33	—

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
XLF	Financial Select Sector SPDR	Financials Sector	SECTOR	0.48	0.51	0.54	0.59
IAI	iShares Broker-Dealers & Exchanges	Capital Markets	INDUSTRY	0.47	0.50	0.56	0.65
VFH	Vanguard Financials ETF	Financials Sector	SECTOR	0.47	0.49	0.53	0.59
IPAY	ETFMG Prime Mobile Payments	Payments	SUB-IND	0.46	0.44	0.49	0.56
IYF	iShares US Financials ETF	Financials Sector	SECTOR	0.45	0.49	0.53	0.61
KIE	SPDR S&P Insurance ETF	Insurance	INDUSTRY	0.39	0.45	0.47	0.55
FINX	Global X FinTech ETF	FinTech	SUB-IND	0.36	0.40	0.48	0.53
IAK	iShares US Insurance ETF	Insurance	INDUSTRY	0.30	0.41	0.43	0.53
ARKF	ARK Fintech Innovation ETF	FinTech (Active)	SUB-IND	0.26	0.32	0.43	0.46
KBE	SPDR S&P Bank ETF	Banks	INDUSTRY	0.25	0.32	0.36	0.44
KBWB	Invesco KBW Bank ETF	Large Banks	INDUSTRY	0.23	0.33	0.37	0.46
KRE	SPDR S&P Regional Banking ETF	Regional Banks	SUB-IND	0.22	0.29	0.32	0.41

NEXT STEPS

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Replacement research for ICE's peers

NDAQ SPGI MCO MORN CME MSCI FDS DFIN MKTX VIRT CBOE COIN

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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.