Tax-loss harvesting alternatives for SHW

Among the 21 Specialty Chemicals peers screened, RPM (RPM International) has tracked SHW most closely over the past year, with a return correlation of 0.79. The strongest fund stand-in is XLB (Materials Select Sector SPDR) at 0.64 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
RPM	RPM International	Specialty Chemicals	0.79	0.72	0.70	0.66
PPG	PPG Industries	Specialty Chemicals	0.73	0.69	0.67	0.64
AXTA	Axalta	Specialty Chemicals	0.68	0.61	0.61	0.57
ECL	Ecolab Inc.	Specialty Chemicals	0.63	0.58	0.59	0.59
FUL	H.B. Fuller Company	Specialty Chemicals	0.60	0.60	0.57	0.55
IFF	International Flavors & Fragrances	Specialty Chemicals	0.58	0.50	0.46	0.44
AVNT	Avient	Specialty Chemicals	0.54	0.58	0.54	0.52
KWR	Quaker Chemical Corporation	Specialty Chemicals	0.49	0.49	0.43	0.44
BCPC	Balchem Corporation	Specialty Chemicals	0.47	0.52	0.50	0.45
NGVT	Ingevity, Corp.	Specialty Chemicals	0.45	0.42	0.38	0.38
IOSP	Innospec, Inc.	Specialty Chemicals	0.45	0.50	0.43	0.43
MTX	Minerals Technologies	Specialty Chemicals	0.44	0.47	0.46	0.49
EMN	Eastman Chemical Company	Specialty Chemicals	0.40	0.42	0.44	0.48
SCL	Stepan Company	Specialty Chemicals	0.31	0.43	0.43	0.42
ESI	Element Solutions	Specialty Chemicals	0.28	0.38	0.42	0.45
SXT	Sensient Technologies	Specialty Chemicals	0.28	0.36	0.42	0.45
SOLS	Solstice Advanced Materials	Specialty Chemicals	0.21	—	—	—
WLK	Westlake Corporation	Specialty Chemicals	0.20	0.35	0.33	0.39
NEU	NewMarket Corporation	Specialty Chemicals	0.16	0.28	0.29	0.32
CE	Celanese	Specialty Chemicals	0.11	0.27	0.33	0.41
ALB	Albemarle Corporation	Specialty Chemicals	0.08	0.25	0.27	0.32

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
XLB	Materials Select Sector SPDR	Materials Sector	SECTOR	0.64	0.67	0.63	0.66
VAW	Vanguard Materials ETF	Materials Sector	SECTOR	0.62	0.66	0.63	0.65
FMAT	Fidelity MSCI Materials ETF	Materials Sector	SECTOR	0.62	0.66	0.63	0.66
PAVE	Global X US Infrastructure	Infrastructure	SECTOR	0.50	0.58	0.58	0.60
IYM	iShares US Basic Materials ETF	Materials Sector	SECTOR	0.47	0.54	0.52	0.58
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	0.38	0.49	0.53	0.60
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	0.38	0.49	0.53	0.60
SLX	VanEck Steel ETF	Steel	SUB-IND	0.37	0.43	0.36	0.41
COPX	Global X Copper Miners ETF	Copper Miners	SUB-IND	0.28	0.29	0.26	0.34
GDX	VanEck Gold Miners ETF	Gold Miners	SUB-IND	0.26	0.21	0.20	0.15
RING	iShares MSCI Global Gold Miners	Gold Miners	SUB-IND	0.25	0.21	0.19	0.16
XME	SPDR S&P Metals & Mining ETF	Metals & Mining	INDUSTRY	0.22	0.32	0.33	0.38

NEXT STEPS

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Replacement research for SHW's peers

RPM PPG AXTA ECL FUL IFF AVNT KWR BCPC NGVT IOSP MTX EMN SCL ESI SXT SOLS WLK NEU CE ALB

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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.