Tax-loss harvesting alternatives for SW

Among the 7 Paper & Plastic Packaging Products & Materials peers screened, IP (International Paper) has tracked SW most closely over the past year, with a return correlation of 0.81. The strongest fund stand-in is XLB (Materials Select Sector SPDR) at 0.69 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
IP	International Paper	Paper & Plastic Packaging Products & Materials	0.81	0.64	0.43	0.29
PKG	Packaging Corporation of America	Paper & Plastic Packaging Products & Materials	0.77	0.60	0.39	0.26
AMCR	Amcor	Paper & Plastic Packaging Products & Materials	0.66	0.45	0.33	0.22
AVY	Avery Dennison	Paper & Plastic Packaging Products & Materials	0.58	0.44	0.31	0.23
SON	Sonoco	Paper & Plastic Packaging Products & Materials	0.52	0.41	0.31	0.24
GPK	Graphic Packaging	Paper & Plastic Packaging Products & Materials	0.51	0.39	0.29	0.20
CCK	Crown Holdings	Paper & Plastic Packaging Products & Materials	0.51	0.34	0.25	0.19

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	0.69	0.57	0.38	0.27
FMAT	Fidelity MSCI Materials ETF	Materials Sector	SECTOR	0.66	0.56	0.39	0.27
VAW	Vanguard Materials ETF	Materials Sector	SECTOR	0.66	0.56	0.38	0.27
PAVE	Global X US Infrastructure	Infrastructure	SECTOR	0.54	0.49	0.34	0.24
IYM	iShares US Basic Materials ETF	Materials Sector	SECTOR	0.54	0.49	0.34	0.25
SLX	VanEck Steel ETF	Steel	SUB-IND	0.50	0.47	0.29	0.20
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	0.44	0.42	0.30	0.24
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	0.44	0.41	0.30	0.24
COPX	Global X Copper Miners ETF	Copper Miners	SUB-IND	0.34	0.35	0.28	0.22
XME	SPDR S&P Metals & Mining ETF	Metals & Mining	INDUSTRY	0.33	0.36	0.25	0.18
GDX	VanEck Gold Miners ETF	Gold Miners	SUB-IND	0.29	0.20	0.15	0.09
RING	iShares MSCI Global Gold Miners	Gold Miners	SUB-IND	0.28	0.20	0.15	0.11

NEXT STEPS

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Replacement research for SW's peers

IP PKG AMCR AVY SON GPK CCK

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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.