Tax-loss harvesting alternatives for MTUS

Among the 8 Steel peers screened, RS (Reliance, Inc.) has tracked MTUS most closely over the past year, with a return correlation of 0.66. The strongest fund stand-in is PAVE (Global X US Infrastructure) at 0.52 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
RS	Reliance, Inc.	Steel	0.66	0.63	0.61	0.57
CMC	Commercial Metals	Steel	0.62	0.65	0.65	0.58
STLD	Steel Dynamics	Steel	0.59	0.60	0.63	0.58
NUE	Nucor Corp.	Steel	0.58	0.60	0.63	0.58
WS	Worthington Steel	Steel	0.56	0.51	—	—
CLF	Cleveland-Cliffs	Steel	0.42	0.49	0.54	0.52
AMR	Alpha Metallurgical Resources, Inc.	Steel	0.22	0.32	0.38	—
HCC	Warrior Met Coal, Inc.	Steel	0.12	0.27	0.34	0.36

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
PAVE	Global X US Infrastructure	Infrastructure	SECTOR	0.52	0.61	0.63	0.57
SLX	VanEck Steel ETF	Steel	SUB-IND	0.51	0.63	0.69	0.63
FMAT	Fidelity MSCI Materials ETF	Materials Sector	SECTOR	0.44	0.55	0.61	0.55
VAW	Vanguard Materials ETF	Materials Sector	SECTOR	0.44	0.55	0.61	0.55
XLB	Materials Select Sector SPDR	Materials Sector	SECTOR	0.42	0.52	0.58	0.52
XME	SPDR S&P Metals & Mining ETF	Metals & Mining	INDUSTRY	0.41	0.52	0.63	0.62
IYM	iShares US Basic Materials ETF	Materials Sector	SECTOR	0.41	0.53	0.61	0.55
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	0.31	0.45	0.49	0.43
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	0.30	0.44	0.49	0.43
COPX	Global X Copper Miners ETF	Copper Miners	SUB-IND	0.27	0.35	0.46	0.44
GDX	VanEck Gold Miners ETF	Gold Miners	SUB-IND	0.16	0.16	0.22	0.13
RING	iShares MSCI Global Gold Miners	Gold Miners	SUB-IND	0.16	0.16	0.21	0.14

NEXT STEPS

Harvesting a loss in MTUS?

Estimate what the harvest could save →Check the eight wash-sale traps →Document the trade with a Tax Memo →

Replacement research for MTUS's peers

RS CMC STLD NUE WS CLF AMR HCC

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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.