Tax-loss harvesting alternatives for LAZ

Among the 52 Diversified Capital Markets peers screened, EVR (Evercore) has tracked LAZ most closely over the past year, with a return correlation of 0.76. The strongest fund stand-in is KBWB (Invesco KBW Bank ETF) at 0.60 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
EVR	Evercore	Investment Banking & Brokerage	0.76	0.79	0.79	0.76
MC	Moelis & Company	Investment Banking & Brokerage	0.75	0.78	0.75	0.68
PIPR	Piper Sandler Companies	Investment Banking & Brokerage	0.66	0.73	0.69	0.65
PJT	PJT Partners, Inc.	Investment Banking & Brokerage	0.62	0.65	0.61	0.57
SF	Stifel	Investment Banking & Brokerage	0.60	0.71	0.69	0.68
APAM	Artisan Partners Asset Management, Inc.	Asset Management & Custody Banks	0.59	0.63	0.63	0.61
IVZ	Invesco Ltd.	Asset Management & Custody Banks	0.58	0.63	0.64	0.64
GS	Goldman Sachs	Investment Banking & Brokerage	0.58	0.68	0.67	0.67
MS	Morgan Stanley	Investment Banking & Brokerage	0.58	0.66	0.67	0.68
CG	Carlyle Group (The)	Asset Management & Custody Banks	0.56	0.66	0.64	0.59
HLI	Houlihan Lokey	Investment Banking & Brokerage	0.56	0.67	0.64	0.57
STT	State Street Corp.	Asset Management & Custody Banks	0.54	0.60	0.60	0.63
BLK	BlackRock Inc.	Asset Management & Custody Banks	0.54	0.59	0.61	0.62
BX	Blackstone Inc.	Asset Management & Custody Banks	0.54	0.60	0.60	0.59
BEN	Franklin Templeton	Asset Management & Custody Banks	0.54	0.55	0.57	0.60
NTRS	Northern Trust	Asset Management & Custody Banks	0.52	0.55	0.56	0.61
ARES	Ares Management	Asset Management & Custody Banks	0.50	0.57	0.59	0.52
BNY	BNY Mellon	Asset Management & Custody Banks	0.50	0.55	0.57	0.61
KKR	KKR & Co.	Asset Management & Custody Banks	0.50	0.61	0.62	0.61
STEP	StepStone Group	Asset Management & Custody Banks	0.48	0.59	0.59	—
VCTR	Victory Capital Holdings, Inc.	Asset Management & Custody Banks	0.48	0.57	0.55	0.50
AMP	Ameriprise Financial	Asset Management & Custody Banks	0.47	0.60	0.63	0.65
APO	Apollo Global Management	Asset Management & Custody Banks	0.47	0.57	0.58	0.55
CRBG	Corebridge Financial	Asset Management & Custody Banks	0.47	0.56	0.55	—
VRTS	Virtus Investment Partners, Inc.	Asset Management & Custody Banks	0.46	0.56	0.58	0.57
FHI	Federated Hermes	Asset Management & Custody Banks	0.46	0.49	0.49	0.53
RJF	Raymond James	Investment Banking & Brokerage	0.45	0.58	0.59	0.64
CNS	Cohen & Steers, Inc.	Asset Management & Custody Banks	0.45	0.52	0.56	0.54
HLNE	Hamilton Lane	Asset Management & Custody Banks	0.44	0.57	0.60	0.52
SEIC	SEI Investments Company	Asset Management & Custody Banks	0.42	0.54	0.59	0.60
TROW	T. Rowe Price	Asset Management & Custody Banks	0.41	0.56	0.58	0.62
IBKR	Interactive Brokers	Investment Banking & Brokerage	0.41	0.50	0.49	0.50
AMG	Affiliated Managers Group	Asset Management & Custody Banks	0.41	0.56	0.59	0.61
AAMI	Acadian Asset Management Inc.	Asset Management & Custody Banks	0.37	0.48	0.49	0.48
WT	WisdomTree Investments, Inc.	Asset Management & Custody Banks	0.37	0.46	0.47	0.49
SNEX	StoneX Group Inc.	Investment Banking & Brokerage	0.36	0.41	0.42	0.46
SCHW	Charles Schwab	Investment Banking & Brokerage	0.28	0.40	0.42	0.53
MCO	Moody's Corporation	Financial Exchanges & Data	0.27	0.42	0.47	0.49
HOOD	Robinhood Markets	Investment Banking & Brokerage	0.27	0.41	0.41	—
NDAQ	Nasdaq Inc.	Financial Exchanges & Data	0.26	0.39	0.42	0.44
COIN	Coinbase Global	Financial Exchanges & Data	0.24	0.35	0.38	—
ICE	Intercontinental Exchange	Financial Exchanges & Data	0.22	0.25	0.33	0.39
DFIN	Donnelley Financial Solutions, Inc.	Financial Exchanges & Data	0.22	0.35	0.39	0.41
BGC	BGC Group, Inc.	Investment Banking & Brokerage	0.18	0.34	0.39	0.42
SPGI	S&P Global	Financial Exchanges & Data	0.18	0.33	0.39	0.44
VIRT	Virtu Financial, Inc.	Financial Exchanges & Data	0.15	0.27	0.27	0.13
MSCI	MSCI Inc.	Financial Exchanges & Data	0.10	0.24	0.36	0.39
MKTX	MarketAxess	Financial Exchanges & Data	0.07	0.05	0.16	0.18
MORN	Morningstar, Inc.	Financial Exchanges & Data	0.06	0.29	0.37	0.37
FDS	FactSet	Financial Exchanges & Data	0.05	0.17	0.25	0.35
CME	CME Group	Financial Exchanges & Data	-0.15	-0.13	0.03	0.23
CBOE	Cboe Global Markets	Financial Exchanges & Data	-0.21	-0.17	-0.03	0.15

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	0.60	0.70	0.68	0.69
IYF	iShares US Financials ETF	Financials Sector	SECTOR	0.58	0.68	0.69	0.71
IAI	iShares Broker-Dealers & Exchanges	Capital Markets	INDUSTRY	0.57	0.68	0.70	0.72
VFH	Vanguard Financials ETF	Financials Sector	SECTOR	0.57	0.68	0.69	0.71
XLF	Financial Select Sector SPDR	Financials Sector	SECTOR	0.54	0.65	0.66	0.69
KBE	SPDR S&P Bank ETF	Banks	INDUSTRY	0.50	0.65	0.64	0.67
KRE	SPDR S&P Regional Banking ETF	Regional Banks	SUB-IND	0.46	0.62	0.61	0.64
IPAY	ETFMG Prime Mobile Payments	Payments	SUB-IND	0.42	0.58	0.61	0.61
FINX	Global X FinTech ETF	FinTech	SUB-IND	0.42	0.56	0.58	0.57
ARKF	ARK Fintech Innovation ETF	FinTech (Active)	SUB-IND	0.36	0.51	0.52	0.51
KIE	SPDR S&P Insurance ETF	Insurance	INDUSTRY	0.21	0.42	0.50	0.60
IAK	iShares US Insurance ETF	Insurance	INDUSTRY	0.10	0.33	0.43	0.56

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Replacement research for LAZ's peers

EVR MC PIPR PJT SF APAM IVZ GS MS CG HLI STT BLK BX BEN NTRS ARES BNY KKR STEP VCTR AMP APO CRBG VRTS FHI RJF CNS HLNE SEIC TROW IBKR AMG AAMI WT SNEX SCHW MCO HOOD NDAQ COIN ICE DFIN BGC SPGI VIRT MSCI MKTX MORN FDS CME CBOE

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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.