Tax-loss harvesting alternatives for LIN

Among the 37 Industrial Gases peers screened, APD (Air Products) has tracked LIN most closely over the past year, with a return correlation of 0.51. The strongest fund stand-in is XLB (Materials Select Sector SPDR) at 0.56 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
APD	Air Products	Industrial Gases	0.51	0.49	0.57	0.66
CTVA	Corteva	Fertilizers & Agricultural Chemicals	0.47	0.36	0.38	0.47
ECL	Ecolab Inc.	Specialty Chemicals	0.40	0.44	0.55	0.60
EMN	Eastman Chemical Company	Specialty Chemicals	0.35	0.42	0.50	0.56
PPG	PPG Industries	Specialty Chemicals	0.33	0.46	0.55	0.59
SHW	Sherwin-Williams	Specialty Chemicals	0.33	0.43	0.45	0.51
DD	DuPont de Nemours	Diversified Chemicals	0.32	0.45	0.53	0.58
RPM	RPM International	Specialty Chemicals	0.30	0.43	0.47	0.53
IFF	International Flavors & Fragrances	Specialty Chemicals	0.30	0.32	0.38	0.45
OLN	Olin Corporation	Diversified Chemicals	0.30	0.37	0.41	0.44
AXTA	Axalta	Specialty Chemicals	0.29	0.41	0.51	0.50
SMG	Scotts Miracle-Gro Company	Fertilizers & Agricultural Chemicals	0.29	0.25	0.32	0.35
IOSP	Innospec, Inc.	Specialty Chemicals	0.28	0.37	0.43	0.50
CE	Celanese	Specialty Chemicals	0.27	0.36	0.42	0.49
AVNT	Avient	Specialty Chemicals	0.27	0.39	0.48	0.49
CBT	Cabot Corp	Diversified Chemicals	0.26	0.36	0.46	0.52
WLK	Westlake Corporation	Specialty Chemicals	0.24	0.34	0.38	0.48
BCPC	Balchem Corporation	Specialty Chemicals	0.23	0.35	0.43	0.44
FMC	FMC Corporation	Fertilizers & Agricultural Chemicals	0.23	0.23	0.27	0.39
FUL	H.B. Fuller Company	Specialty Chemicals	0.23	0.38	0.48	0.55
MOS	Mosaic Company (The)	Fertilizers & Agricultural Chemicals	0.22	0.27	0.26	0.37
SCL	Stepan Company	Specialty Chemicals	0.22	0.32	0.38	0.44
SXT	Sensient Technologies	Specialty Chemicals	0.21	0.27	0.38	0.46
CF	CF Industries	Fertilizers & Agricultural Chemicals	0.19	0.19	0.18	0.35
MTX	Minerals Technologies	Specialty Chemicals	0.19	0.32	0.44	0.52
HWKN	Hawkins, Inc.	Commodity Chemicals	0.18	0.26	0.30	0.38
KOP	Koppers Holdings, Inc.	Commodity Chemicals	0.17	0.26	0.37	0.44
DOW	Dow Inc.	Commodity Chemicals	0.16	0.32	0.38	0.50
NGVT	Ingevity, Corp.	Specialty Chemicals	0.16	0.24	0.32	0.40
LYB	LyondellBasell	Commodity Chemicals	0.15	0.33	0.40	0.51
ASH	Ashland Global	Diversified Chemicals	0.15	0.27	0.39	0.47
CC	Chemours	Diversified Chemicals	0.13	0.28	0.39	0.45
KWR	Quaker Chemical Corporation	Specialty Chemicals	0.12	0.31	0.43	0.47
NEU	NewMarket Corporation	Specialty Chemicals	0.12	0.24	0.32	0.35
ALB	Albemarle Corporation	Specialty Chemicals	0.10	0.21	0.30	0.39
SOLS	Solstice Advanced Materials	Specialty Chemicals	0.08	—	—	—
ESI	Element Solutions	Specialty Chemicals	0.03	0.24	0.41	0.46

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
XLB	Materials Select Sector SPDR	Materials Sector	SECTOR	0.56	0.67	0.74	0.79
VAW	Vanguard Materials ETF	Materials Sector	SECTOR	0.50	0.62	0.71	0.76
FMAT	Fidelity MSCI Materials ETF	Materials Sector	SECTOR	0.49	0.62	0.70	0.75
IYM	iShares US Basic Materials ETF	Materials Sector	SECTOR	0.44	0.61	0.67	0.75
PAVE	Global X US Infrastructure	Infrastructure	SECTOR	0.16	0.40	0.54	0.63
SLX	VanEck Steel ETF	Steel	SUB-IND	0.15	0.34	0.44	0.54
GDX	VanEck Gold Miners ETF	Gold Miners	SUB-IND	0.12	0.19	0.23	0.17
RING	iShares MSCI Global Gold Miners	Gold Miners	SUB-IND	0.11	0.18	0.22	0.19
COPX	Global X Copper Miners ETF	Copper Miners	SUB-IND	0.11	0.24	0.36	0.46
XME	SPDR S&P Metals & Mining ETF	Metals & Mining	INDUSTRY	0.08	0.25	0.38	0.47
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	0.06	0.41	0.57	0.67
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	0.06	0.40	0.57	0.67

NEXT STEPS

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Replacement research for LIN's peers

APD CTVA ECL EMN PPG SHW DD RPM IFF OLN AXTA SMG IOSP CE AVNT CBT WLK BCPC FMC FUL MOS SCL SXT CF MTX HWKN KOP DOW NGVT LYB ASH CC KWR NEU ALB SOLS ESI

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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.