Tax-loss harvesting alternatives for NSC

Among the 3 Railroads peers screened, UNP (Union Pacific) has tracked NSC most closely over the past year, with a return correlation of 0.94. The strongest fund stand-in is IYT (iShares Transportation Average) 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
UNP	Union Pacific	Railroads	0.94	0.79	0.77	0.81
CSX	CSX Corp.	Railroads	0.72	0.74	0.80	0.81
CP	Canadian Pacific Kansas City	Railroads	0.56	0.53	0.61	0.67

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
IYT	iShares Transportation Average	Transportation	INDUSTRY	0.56	0.65	0.69	0.78
PAVE	Global X US Infrastructure	Infrastructure	SECTOR	0.42	0.56	0.62	0.73
XLI	Industrial Select Sector SPDR	Industrials Sector	SECTOR	0.42	0.58	0.65	0.75
IYJ	iShares US Industrials ETF	Industrials Sector	SECTOR	0.41	0.58	0.63	0.73
VIS	Vanguard Industrials ETF	Industrials Sector	SECTOR	0.38	0.56	0.63	0.73
FIDU	Fidelity MSCI Industrials ETF	Industrials Sector	SECTOR	0.38	0.56	0.63	0.74
XTN	SPDR S&P Transportation ETF	Transportation	INDUSTRY	0.33	0.54	0.57	0.67
JETS	US Global Jets ETF	Airlines	SUB-IND	0.19	0.39	0.40	0.49
ITA	iShares Aerospace & Defense ETF	Aerospace & Defense	INDUSTRY	0.17	0.34	0.41	0.57
PPA	Invesco Aerospace & Defense ETF	Aerospace & Defense	INDUSTRY	0.16	0.36	0.44	0.60
XAR	SPDR S&P Aerospace & Defense	Aerospace & Defense (Equal Wt)	INDUSTRY	0.10	0.31	0.40	0.56
BOTZ	Global X Robotics & AI	Robotics & AI	SECTOR	0.06	0.31	0.39	0.51

NEXT STEPS

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Replacement research for NSC's peers

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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.