Tax-loss harvesting alternatives for SHAK

Among the 17 Restaurants peers screened, BROS (Dutch Bros Inc.) has tracked SHAK most closely over the past year, with a return correlation of 0.52. The strongest fund stand-in is PEJ (Invesco Leisure & Entertainment) at 0.46 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
BROS	Dutch Bros Inc.	Restaurants	0.52	0.37	0.40	—
CAVA	Cava Group	Restaurants	0.41	0.44	0.42	—
WING	Wingstop Inc.	Restaurants	0.37	0.33	0.39	0.38
BJRI	BJ's Restaurants, Inc.	Restaurants	0.36	0.38	0.47	0.50
SBUX	Starbucks Corp.	Restaurants	0.35	0.30	0.39	0.40
CMG	Chipotle Mexican Grill	Restaurants	0.34	0.33	0.41	0.37
CAKE	The Cheesecake Factory, Inc.	Restaurants	0.34	0.45	0.52	0.51
DRI	Darden Restaurants	Restaurants	0.33	0.36	0.45	0.46
TXRH	Texas Roadhouse	Restaurants	0.32	0.42	0.50	0.47
EAT	Brinker International, Inc.	Restaurants	0.32	0.41	0.47	0.46
CBRL	Cracker Barrel	Restaurants	0.26	0.30	0.36	0.41
QSR	Restaurant Brands Intl	Restaurants	0.26	0.26	0.32	0.34
WEN	The Wendy's Company	Restaurants	0.25	0.24	0.31	0.34
MCD	McDonald's Corp.	Restaurants	0.18	0.15	0.21	0.31
YUM	Yum! Brands	Restaurants	0.17	0.20	0.28	0.33
DPZ	Domino's Pizza	Restaurants	0.15	0.23	0.25	0.22
PZZA	Papa John's Pizza	Restaurants	0.11	0.21	0.27	0.26

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
PEJ	Invesco Leisure & Entertainment	Leisure & Entertainment	INDUSTRY	0.46	0.57	0.61	0.58
IYC	iShares US Consumer Discretionary	Cons Discretionary Sector	SECTOR	0.41	0.50	0.57	0.54
XRT	SPDR S&P Retail ETF	Retail	INDUSTRY	0.39	0.47	0.53	0.52
BETZ	Roundhill Sports Betting iGaming	Sports Betting	SUB-IND	0.38	0.45	0.54	0.51
VCR	Vanguard Consumer Discretionary	Cons Discretionary Sector	SECTOR	0.36	0.47	0.55	0.54
FDIS	Fidelity MSCI Consumer Discretionary	Cons Discretionary Sector	SECTOR	0.36	0.47	0.55	0.53
XHB	SPDR S&P Homebuilders ETF	Homebuilders	SUB-IND	0.36	0.39	0.46	0.46
RTH	VanEck Retail ETF	Retail	INDUSTRY	0.35	0.41	0.48	0.45
ITB	iShares US Home Construction	Homebuilders	SUB-IND	0.35	0.35	0.43	0.43
XLY	Consumer Discretionary SPDR	Cons Discretionary Sector	SECTOR	0.33	0.45	0.53	0.51
DRIV	Global X Autonomous & EV ETF	Autonomous & EV	INDUSTRY	0.20	0.35	0.46	0.46
CARZ	First Trust S-Network EV & FV	Autos & EVs	INDUSTRY	0.18	0.32	0.41	0.41

NEXT STEPS

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Replacement research for SHAK's peers

BROS CAVA WING BJRI SBUX CMG CAKE DRI TXRH EAT CBRL QSR WEN MCD YUM DPZ PZZA

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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.