Tax-loss harvesting alternatives for NLY

Among the 8 Mortgage REITs peers screened, STWD (Starwood Property Trust) has tracked NLY most closely over the past year, with a return correlation of 0.69. The strongest fund stand-in is VFH (Vanguard Financials ETF) at 0.37 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
STWD	Starwood Property Trust	Mortgage REITs	0.69	0.75	0.75	0.73
ARR	Armour Residential REIT	Mortgage REITs	0.66	0.75	0.78	0.75
RITM	Rithm Capital	Mortgage REITs	0.63	0.71	0.70	0.71
ADAM	Adamas Trust, Inc.	Mortgage REITs	0.54	0.62	0.66	0.62
BXMT	Blackstone Mortgage Trust, Inc.	Mortgage REITs	0.52	0.65	0.68	0.69
PMT	PennyMac Mortgage Investment Trust	Mortgage REITs	0.48	0.55	0.62	0.62
FBRT	Franklin BSP Realty Trust, Inc.	Mortgage REITs	0.36	0.57	0.61	—
ABR	Arbor Realty Trust	Mortgage REITs	0.19	0.40	0.49	0.59

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
VFH	Vanguard Financials ETF	Financials Sector	SECTOR	0.37	0.51	0.54	0.54
KBE	SPDR S&P Bank ETF	Banks	INDUSTRY	0.37	0.50	0.51	0.51
IYF	iShares US Financials ETF	Financials Sector	SECTOR	0.36	0.50	0.53	0.56
KRE	SPDR S&P Regional Banking ETF	Regional Banks	SUB-IND	0.35	0.48	0.47	0.48
XLF	Financial Select Sector SPDR	Financials Sector	SECTOR	0.34	0.49	0.51	0.52
IPAY	ETFMG Prime Mobile Payments	Payments	SUB-IND	0.34	0.49	0.52	0.51
KBWB	Invesco KBW Bank ETF	Large Banks	INDUSTRY	0.33	0.48	0.48	0.50
FINX	Global X FinTech ETF	FinTech	SUB-IND	0.31	0.47	0.50	0.46
IAI	iShares Broker-Dealers & Exchanges	Capital Markets	INDUSTRY	0.29	0.47	0.49	0.49
ARKF	ARK Fintech Innovation ETF	FinTech (Active)	SUB-IND	0.25	0.42	0.44	0.40
KIE	SPDR S&P Insurance ETF	Insurance	INDUSTRY	0.21	0.35	0.42	0.52
IAK	iShares US Insurance ETF	Insurance	INDUSTRY	0.15	0.30	0.37	0.49

NEXT STEPS

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Replacement research for NLY's peers

STWD ARR RITM ADAM BXMT PMT FBRT ABR

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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.