Tax-loss harvesting alternatives for PAVE

The closest fund alternative to PAVE (Infrastructure) is VIS (Vanguard Industrials ETF), with a return correlation of 0.95 over the past year. Among single names in the fund's slice of the market, AIT (Applied Industrial Technologies) tracks it most closely at 0.72 over the past year. Correlations are computed from daily closing-price returns aligned by trading day.

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ETFS

Fund stand-ins

Funds covering similar ground. Two funds tracking the same index may themselves be 'substantially identical' for wash-sale purposes.

Ticker	Name	Focus	Match	1Y	3Y	5Y	10Y
VIS	Vanguard Industrials ETF	Industrials Sector	SECTOR	0.95	0.96	0.96	0.95
FIDU	Fidelity MSCI Industrials ETF	Industrials Sector	SECTOR	0.95	0.96	0.96	0.95
XLI	Industrial Select Sector SPDR	Industrials Sector	SECTOR	0.93	0.93	0.94	0.94
IYJ	iShares US Industrials ETF	Industrials Sector	SECTOR	0.90	0.93	0.93	0.93
VAW	Vanguard Materials ETF	Materials Sector	SECTOR	0.74	0.83	0.87	0.91
FMAT	Fidelity MSCI Materials ETF	Materials Sector	SECTOR	0.74	0.83	0.87	0.91
IYM	iShares US Basic Materials ETF	Materials Sector	SECTOR	0.70	0.78	0.83	0.88
XLB	Materials Select Sector SPDR	Materials Sector	SECTOR	0.70	0.78	0.84	0.88
PPA	Invesco Aerospace & Defense ETF	Aerospace & Defense	INDUSTRY	0.68	0.74	0.78	0.83
ITA	iShares Aerospace & Defense ETF	Aerospace & Defense	INDUSTRY	0.65	0.68	0.72	0.79
BOTZ	Global X Robotics & AI	Robotics & AI	SECTOR	0.65	0.73	0.75	0.74
JETS	US Global Jets ETF	Airlines	SUB-IND	0.62	0.69	0.68	0.71

STOCKS

Single-name peers

Single names inside the fund's slice of the market.

Ticker	Name	Sub-industry	1Y	3Y	5Y	10Y
AIT	Applied Industrial Technologies	Trading Companies & Distributors	0.72	0.79	0.74	0.78
AIR	AAR Corp.	Aerospace & Defense	0.64	0.62	0.64	0.67
ACA	Arcosa, Inc.	Construction & Engineering	0.58	0.69	0.66	0.68
AGCO	AGCO	Agricultural & Farm Machinery	0.58	0.57	0.63	0.69
ALG	Alamo Group	Construction Machinery & Heavy Transportation Equipment	0.57	0.61	0.64	0.68
AAON	AAON	Building Products	0.50	0.56	0.54	0.52
AAL	American Airlines	Passenger Airlines	0.49	0.53	0.55	0.55
AIN	Albany International Corp.	Industrial Machinery & Supplies & Components	0.45	0.57	0.62	0.65
AA	Alcoa	Aluminum	0.41	0.53	0.55	0.62
AGX	Argan, Inc.	Construction & Engineering	0.39	0.41	0.39	0.42
ACM	AECOM	Construction & Engineering	0.34	0.56	0.64	0.72
ALB	Albemarle Corporation	Specialty Chemicals	0.31	0.44	0.50	0.54
ABM	ABM Industries, Inc.	Environmental & Facilities Services	0.26	0.40	0.48	0.57
ADP	Automatic Data Processing	Human Resource & Employment Services	-0.26	0.16	0.39	0.55

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AIT AIR ACA AGCO ALG AAON AAL AIN AA AGX ACM ALB ABM ADP

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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.