Tax-loss harvesting alternatives for VAW

The closest fund alternative to VAW (Materials Sector) is FMAT (Fidelity MSCI Materials ETF), with a return correlation of 1.00 over the past year. Among single names in the fund's slice of the market, AVNT (Avient) tracks it most closely at 0.64 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
FMAT	Fidelity MSCI Materials ETF	Materials Sector	SECTOR	1.00	1.00	1.00	1.00
XLB	Materials Select Sector SPDR	Materials Sector	SECTOR	0.98	0.98	0.99	0.99
IYM	iShares US Basic Materials ETF	Materials Sector	SECTOR	0.95	0.97	0.97	0.98
SLX	VanEck Steel ETF	Steel	SUB-IND	0.76	0.80	0.80	0.82
PAVE	Global X US Infrastructure	Infrastructure	SECTOR	0.74	0.83	0.87	0.91
XME	SPDR S&P Metals & Mining ETF	Metals & Mining	INDUSTRY	0.72	0.76	0.79	0.80
COPX	Global X Copper Miners ETF	Copper Miners	SUB-IND	0.70	0.68	0.70	0.72
GDX	VanEck Gold Miners ETF	Gold Miners	SUB-IND	0.69	0.54	0.50	0.36
RING	iShares MSCI Global Gold Miners	Gold Miners	SUB-IND	0.69	0.53	0.49	0.37
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	0.60	0.73	0.79	0.83
IVV	iShares Core S&P 500	S&P 500	BROAD	0.60	0.73	0.79	0.83
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	0.59	0.73	0.79	0.83

STOCKS

Single-name peers

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

Ticker	Name	Sub-industry	1Y	3Y	5Y	10Y
AVNT	Avient	Specialty Chemicals	0.64	0.75	0.76	0.74
AMCR	Amcor	Paper & Plastic Packaging Products & Materials	0.63	0.60	0.65	0.61
AXTA	Axalta	Specialty Chemicals	0.61	0.68	0.72	0.68
AVY	Avery Dennison	Paper & Plastic Packaging Products & Materials	0.54	0.63	0.68	0.71
AA	Alcoa	Aluminum	0.51	0.60	0.62	0.64
ATR	AptarGroup	Metal, Glass & Plastic Containers	0.49	0.55	0.60	0.61
ASH	Ashland Global	Diversified Chemicals	0.46	0.55	0.60	0.67
CBT	Cabot Corp	Diversified Chemicals	0.45	0.59	0.68	0.74
BALL	Ball Corporation	Metal, Glass & Plastic Containers	0.44	0.53	0.52	0.53
CC	Chemours	Diversified Chemicals	0.43	0.55	0.61	0.66
ALB	Albemarle Corporation	Specialty Chemicals	0.43	0.54	0.57	0.60
APD	Air Products	Industrial Gases	0.35	0.52	0.61	0.69
BCPC	Balchem Corporation	Specialty Chemicals	0.33	0.53	0.58	0.58
AMR	Alpha Metallurgical Resources, Inc.	Steel	0.24	0.31	0.36	—

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Replacement research for VAW's peers

AVNT AMCR AXTA AVY AA ATR ASH CBT BALL CC ALB APD BCPC AMR

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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.