Tax-loss harvesting alternatives for WAT

Among the 12 Life Sciences Tools & Services peers screened, A (Agilent Technologies) has tracked WAT most closely over the past year, with a return correlation of 0.66. The strongest fund stand-in is VHT (Vanguard Health Care ETF) at 0.44 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
A	Agilent Technologies	Life Sciences Tools & Services	0.66	0.75	0.78	0.73
TMO	Thermo Fisher Scientific	Life Sciences Tools & Services	0.58	0.64	0.66	0.62
CRL	Charles River Laboratories	Life Sciences Tools & Services	0.57	0.54	0.54	0.53
MTD	Mettler Toledo	Life Sciences Tools & Services	0.55	0.67	0.70	0.68
IQV	IQVIA Holdings	Life Sciences Tools & Services	0.51	0.54	0.59	0.56
TECH	Bio-Techne	Life Sciences Tools & Services	0.48	0.58	0.61	0.56
BIO	Bio-Rad Laboratories	Life Sciences Tools & Services	0.45	0.53	0.57	0.50
DHR	Danaher Corp.	Life Sciences Tools & Services	0.44	0.56	0.61	0.59
MEDP	Medpace	Life Sciences Tools & Services	0.43	0.34	0.36	0.37
AVTR	Avantor	Life Sciences Tools & Services	0.42	0.45	0.49	0.48
ILMN	Illumina Inc.	Life Sciences Tools & Services	0.39	0.45	0.44	0.43
AZTA	Azenta, Inc.	Life Sciences Tools & Services	0.34	0.43	0.43	0.41

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
VHT	Vanguard Health Care ETF	Health Care Sector	SECTOR	0.44	0.52	0.57	0.58
FHLC	Fidelity MSCI Health Care ETF	Health Care Sector	SECTOR	0.44	0.52	0.57	0.58
IYH	iShares US Healthcare ETF	Health Care Sector	SECTOR	0.43	0.51	0.56	0.58
IBB	iShares Biotechnology ETF	Biotechnology	INDUSTRY	0.43	0.53	0.54	0.51
XLV	Health Care Select Sector SPDR	Health Care Sector	SECTOR	0.41	0.50	0.55	0.57
XHE	SPDR S&P Health Care Equipment	Medical Devices (Equal Wt)	SUB-IND	0.40	0.52	0.53	0.55
IHE	iShares US Pharmaceuticals ETF	Pharmaceuticals	INDUSTRY	0.34	0.40	0.45	0.48
PPH	VanEck Pharma ETF	Pharmaceuticals	INDUSTRY	0.33	0.38	0.42	0.47
XBI	SPDR S&P Biotech ETF	Biotechnology (Equal Wt)	INDUSTRY	0.31	0.41	0.41	0.42
IHI	iShares Medical Devices ETF	Medical Devices	SUB-IND	0.31	0.44	0.54	0.59
XPH	SPDR S&P Pharmaceuticals	Pharmaceuticals (Equal Wt)	INDUSTRY	0.30	0.43	0.46	0.47
IHF	iShares Health Care Providers	Health Care Providers	INDUSTRY	0.18	0.28	0.36	0.43

NEXT STEPS

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Replacement research for WAT's peers

A TMO CRL MTD IQV TECH BIO DHR MEDP AVTR ILMN AZTA

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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.