Tax-loss harvesting alternatives for SCHW

Among the 13 Investment Banking & Brokerage peers screened, RJF (Raymond James) has tracked SCHW most closely over the past year, with a return correlation of 0.74. The strongest fund stand-in is IAI (iShares Broker-Dealers & Exchanges) at 0.65 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
RJF	Raymond James	Investment Banking & Brokerage	0.74	0.71	0.71	0.76
SF	Stifel	Investment Banking & Brokerage	0.56	0.59	0.64	0.71
MS	Morgan Stanley	Investment Banking & Brokerage	0.46	0.57	0.58	0.68
IBKR	Interactive Brokers	Investment Banking & Brokerage	0.43	0.44	0.51	0.57
PIPR	Piper Sandler Companies	Investment Banking & Brokerage	0.42	0.47	0.50	0.56
BGC	BGC Group, Inc.	Investment Banking & Brokerage	0.38	0.36	0.35	0.43
MC	Moelis & Company	Investment Banking & Brokerage	0.35	0.44	0.45	0.49
EVR	Evercore	Investment Banking & Brokerage	0.33	0.45	0.49	0.56
HLI	Houlihan Lokey	Investment Banking & Brokerage	0.33	0.43	0.45	0.45
PJT	PJT Partners, Inc.	Investment Banking & Brokerage	0.32	0.38	0.36	0.43
GS	Goldman Sachs	Investment Banking & Brokerage	0.31	0.49	0.51	0.62
HOOD	Robinhood Markets	Investment Banking & Brokerage	0.28	0.36	0.33	—
SNEX	StoneX Group Inc.	Investment Banking & Brokerage	0.17	0.30	0.36	0.44

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
IAI	iShares Broker-Dealers & Exchanges	Capital Markets	INDUSTRY	0.65	0.68	0.72	0.78
IYF	iShares US Financials ETF	Financials Sector	SECTOR	0.62	0.64	0.68	0.72
XLF	Financial Select Sector SPDR	Financials Sector	SECTOR	0.60	0.62	0.66	0.73
VFH	Vanguard Financials ETF	Financials Sector	SECTOR	0.60	0.63	0.67	0.74
KBWB	Invesco KBW Bank ETF	Large Banks	INDUSTRY	0.49	0.61	0.66	0.74
KBE	SPDR S&P Bank ETF	Banks	INDUSTRY	0.36	0.52	0.61	0.70
IPAY	ETFMG Prime Mobile Payments	Payments	SUB-IND	0.35	0.46	0.48	0.53
FINX	Global X FinTech ETF	FinTech	SUB-IND	0.33	0.45	0.45	0.47
KRE	SPDR S&P Regional Banking ETF	Regional Banks	SUB-IND	0.33	0.50	0.60	0.69
KIE	SPDR S&P Insurance ETF	Insurance	INDUSTRY	0.31	0.39	0.51	0.62
ARKF	ARK Fintech Innovation ETF	FinTech (Active)	SUB-IND	0.30	0.43	0.41	0.40
IAK	iShares US Insurance ETF	Insurance	INDUSTRY	0.26	0.35	0.48	0.60

NEXT STEPS

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Replacement research for SCHW's peers

RJF SF MS IBKR PIPR BGC MC EVR HLI PJT GS HOOD SNEX

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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.