Tax-loss harvesting alternatives for NEM

Among the 18 Gold peers screened, RGLD (Royal Gold) has tracked NEM most closely over the past year, with a return correlation of 0.84. The strongest fund stand-in is RING (iShares MSCI Global Gold Miners) at 0.94 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
RGLD	Royal Gold	Gold	0.84	0.78	0.78	0.76
CDE	Coeur Mining	Gold	0.80	0.68	0.64	0.63
HL	Hecla Mining	Silver	0.79	0.69	0.66	0.62
FCX	Freeport-McMoRan	Copper	0.59	0.53	0.47	0.38
AA	Alcoa	Aluminum	0.48	0.39	0.38	0.28
KALU	Kaiser Aluminum Corporation	Aluminum	0.40	0.32	0.27	0.21
MP	MP Materials	Diversified Metals & Mining	0.37	0.28	0.24	0.20
MTRN	Materion Corp.	Diversified Metals & Mining	0.37	0.29	0.26	0.21
CENX	Century Aluminum Company	Aluminum	0.34	0.33	0.34	0.26
CLF	Cleveland-Cliffs	Steel	0.32	0.25	0.25	0.20
WS	Worthington Steel	Steel	0.30	0.17	—	—
CMC	Commercial Metals	Steel	0.25	0.21	0.20	0.18
HCC	Warrior Met Coal, Inc.	Steel	0.21	0.20	0.20	0.17
MTUS	Metallus Inc	Steel	0.18	0.18	0.18	0.14
AMR	Alpha Metallurgical Resources, Inc.	Steel	0.16	0.13	0.14	—
RS	Reliance, Inc.	Steel	0.15	0.13	0.15	0.19
NUE	Nucor Corp.	Steel	0.15	0.17	0.19	0.17
STLD	Steel Dynamics	Steel	0.14	0.17	0.16	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
RING	iShares MSCI Global Gold Miners	Gold Miners	SUB-IND	0.94	0.90	0.89	0.89
GDX	VanEck Gold Miners ETF	Gold Miners	SUB-IND	0.93	0.89	0.88	0.86
IYM	iShares US Basic Materials ETF	Materials Sector	SECTOR	0.76	0.60	0.51	0.41
XME	SPDR S&P Metals & Mining ETF	Metals & Mining	INDUSTRY	0.71	0.60	0.54	0.48
COPX	Global X Copper Miners ETF	Copper Miners	SUB-IND	0.70	0.61	0.55	0.45
FMAT	Fidelity MSCI Materials ETF	Materials Sector	SECTOR	0.66	0.53	0.45	0.37
VAW	Vanguard Materials ETF	Materials Sector	SECTOR	0.66	0.53	0.45	0.37
XLB	Materials Select Sector SPDR	Materials Sector	SECTOR	0.56	0.49	0.43	0.36
SLX	VanEck Steel ETF	Steel	SUB-IND	0.55	0.41	0.37	0.29
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	0.40	0.29	0.25	0.23
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	0.40	0.29	0.25	0.23
PAVE	Global X US Infrastructure	Infrastructure	SECTOR	0.39	0.32	0.27	0.24

NEXT STEPS

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Replacement research for NEM's peers

RGLD CDE HL FCX AA KALU MP MTRN CENX CLF WS CMC HCC MTUS AMR RS NUE STLD

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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.