Tax-loss harvesting alternatives for WY

Among the 93 Timber REITs peers screened, RYN (Rayonier) has tracked WY most closely over the past year, with a return correlation of 0.68. The strongest fund stand-in is INDS (Pacer Industrial Real Estate ETF) at 0.51 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
RYN	Rayonier	Timber REITs	0.68	0.70	0.73	0.75
CUBE	CubeSmart	Industrial REITs	0.52	0.60	0.55	0.51
PSA	Public Storage	Self-Storage REITs	0.50	0.58	0.52	0.46
EXR	Extra Space Storage	Self-Storage REITs	0.50	0.56	0.53	0.46
INVH	Invitation Homes	Residential REITs	0.42	0.49	0.53	0.59
AMH	American Homes 4 Rent	Single-Family Residential REITs	0.38	0.45	0.51	0.54
MAA	Mid-America Apartment	Residential REITs	0.38	0.51	0.53	0.57
SAFE	Safehold, Inc.	Other Specialized REITs	0.37	0.53	0.48	0.51
VICI	Vici Properties	Hotel & Resort REITs	0.37	0.52	0.55	0.62
APLE	Apple Hospitality REIT, Inc.	Hotel & Resort REITs	0.36	0.49	0.53	0.59
SPG	Simon Property Group	Retail REITs	0.36	0.55	0.58	0.56
MRP	Millrose Properties, Inc.	Single-Family Residential REITs	0.36	—	—	—
BFS	Saul Centers, Inc.	Retail REITs	0.36	0.50	0.55	0.57
HST	Host Hotels & Resorts	Hotel & Resort REITs	0.36	0.49	0.51	0.53
XHR	Xenia Hotels & Resorts, Inc.	Hotel & Resort REITs	0.36	0.49	0.53	0.53
SKT	Tanger Factory Outlet Centers, Inc.	Retail REITs	0.36	0.49	0.50	0.50
KIM	Kimco Realty	Retail REITs	0.36	0.56	0.61	0.58
TRNO	Terreno Realty Corporation	Industrial REITs	0.35	0.55	0.57	0.56
PLD	Prologis Inc.	Industrial REITs	0.35	0.59	0.60	0.61
PK	Park Hotels & Resorts	Hotel & Resort REITs	0.35	0.48	0.52	0.55
MAC	Macerich	Retail REITs	0.34	0.52	0.54	0.50
STAG	STAG Industrial	Industrial REITs	0.34	0.57	0.58	0.64
DRH	DiamondRock Hospitality Company	Hotel & Resort REITs	0.34	0.49	0.52	0.46
NNN	NNN REIT	Retail REITs	0.34	0.46	0.50	0.56
O	Realty Income	Retail REITs	0.33	0.47	0.50	0.59
FR	First Industrial Realty Trust	Industrial REITs	0.33	0.55	0.57	0.63
UDR	UDR, Inc.	Multi-Family Residential REITs	0.33	0.52	0.54	0.56
RHP	Ryman Hospitality Properties	Hotel & Resort REITs	0.33	0.47	0.50	0.53
ESS	Essex Property Trust	Multi-Family Residential REITs	0.33	0.52	0.53	0.54
FRT	Federal Realty Investment Trust	Retail REITs	0.33	0.55	0.60	0.59
IRT	Independence Realty Trust	Multi-Family Residential REITs	0.33	0.52	0.53	0.57
CPT	Camden Property Trust	Multi-Family Residential REITs	0.32	0.50	0.52	0.57
EGP	EastGroup Properties	Industrial REITs	0.32	0.54	0.57	0.63
BXP	BXP Inc.	Office REITs	0.32	0.52	0.54	0.58
ELS	Equity Lifestyle Properties	Single-Family Residential REITs	0.32	0.43	0.48	0.53
REXR	Rexford Industrial Realty	Industrial REITs	0.32	0.53	0.56	0.56
PEB	Pebblebrook Hotel Trust	Hotel & Resort REITs	0.31	0.48	0.52	0.53
CURB	Curbline Properties Corp.	Retail REITs	0.31	0.33	—	—
PECO	Phillips Edison & Company	Retail REITs	0.31	0.50	0.53	—
VMRK	Vivmark Residential	Multi-Family Residential REITs	0.31	0.52	0.53	0.54
VNO	Vornado Realty Trust	Office REITs	0.31	0.49	0.51	0.53
REG	Regency Centers	Retail REITs	0.31	0.51	0.57	0.58
AKR	Acadia Realty Trust	Retail REITs	0.30	0.52	0.57	0.53
FCPT	Four Corners Property Trust, Inc.	Other Specialized REITs	0.30	0.48	0.50	0.63
AVB	AvalonBay Communities	Residential REITs	0.30	0.52	0.53	0.57
IVT	InvenTrust Properties	Retail REITs	0.30	0.49	0.03	0.01
BRX	Brixmor Property Group	Retail REITs	0.30	0.52	0.59	0.59
ARE	Alexandria Real Estate	Office REITs	0.29	0.49	0.52	0.55
NXRT	NexPoint Residential Trust, Inc.	Multi-Family Residential REITs	0.29	0.48	0.49	0.52
ADC	Agree Realty	Retail REITs	0.29	0.40	0.42	0.53
CUZ	Cousins Properties	Office REITs	0.29	0.52	0.56	0.59
EQR	Equity Residential	Residential REITs	0.29	0.51	0.53	0.54
WPC	W. P. Carey	Diversified REITs	0.29	0.45	0.47	0.60
GLPI	Gaming and Leisure Properties	Other Specialized REITs	0.29	0.47	0.52	0.57
LXP	Lexington Realty Trust	Diversified REITs	0.28	0.52	0.52	0.58
GNL	Global Net Lease, Inc.	Diversified REITs	0.28	0.44	0.47	0.55
UE	Urban Edge Properties	Retail REITs	0.28	0.51	0.56	0.58
SLG	SL Green Realty	Office REITs	0.27	0.48	0.50	0.55
DEI	Douglas Emmett	Office REITs	0.27	0.52	0.53	0.57
CDP	COPT Defense Properties	Office REITs	0.26	0.44	0.48	0.56
AMT	American Tower	Telecom Tower REITs	0.25	0.39	0.44	0.47
BNL	Broadstone Net Lease, Inc.	Industrial REITs	0.25	0.48	0.51	—
AAT	American Assets Trust	Diversified REITs	0.24	0.50	0.51	0.57
DEA	Easterly Government Properties, Inc.	Office REITs	0.24	0.48	0.47	0.48
HIW	Highwoods Properties	Office REITs	0.24	0.47	0.52	0.60
GTY	Getty Realty Corp.	Retail REITs	0.24	0.41	0.44	0.60
SHO	Sunstone Hotel Investors, Inc.	Hotel & Resort REITs	0.24	0.42	0.49	0.54
EPRT	Essential Properties Realty Trust, Inc.	Diversified REITs	0.22	0.46	0.50	0.50
CCI	Crown Castle	Telecom Tower REITs	0.22	0.37	0.43	0.46
LAMR	Lamar Advertising Company	Other Specialized REITs	0.22	0.45	0.54	0.64
KRG	Kite Realty Group Trust	Retail REITs	0.22	0.49	0.56	0.59
JBGS	JBG Smith	Office REITs	0.21	0.42	0.47	0.53
DOC	Healthpeak Properties	Health Care REITs	0.21	0.46	0.49	0.58
SBAC	SBA Communications	Telecom Tower REITs	0.21	0.38	0.43	0.43
KRC	Kilroy Realty Corp	Office REITs	0.20	0.48	0.50	0.56
NTST	NETSTREIT Corp.	Retail REITs	0.20	0.39	0.43	0.40
IIPR	Innovative Industrial Properties, Inc.	Industrial REITs	0.20	0.35	0.42	0.38
OUT	Outfront Media	Other Specialized REITs	0.20	0.43	0.48	0.59
VTR	Ventas Inc.	Health Care REITs	0.18	0.36	0.43	0.54
DLR	Digital Realty	Data Center REITs	0.18	0.29	0.39	0.43
NHI	National Health Investors, Inc.	Health Care REITs	0.17	0.34	0.37	0.56
HR	Healthcare Realty Trust	Health Care REITs	0.17	0.37	0.39	0.50
AHR	American Healthcare REIT	Health Care REITs	0.17	0.29	—	—
LTC	LTC Properties, Inc.	Health Care REITs	0.17	0.31	0.37	0.56
WELL	Welltower Inc.	Health Care REITs	0.16	0.29	0.38	0.52
IRM	Iron Mountain	Other Specialized REITs	0.16	0.33	0.45	0.49
CTRE	CareTrust REIT	Health Care REITs	0.16	0.24	0.36	0.45
EPR	EPR Properties	Other Specialized REITs	0.14	0.44	0.48	0.52
EQIX	Equinix Inc.	Data Center REITs	0.13	0.33	0.42	0.43
MPT	Medical Properties Trust	Health Care REITs	0.13	0.33	0.35	0.45
CSR	Centerspace Trust	Multi-Family Residential REITs	0.12	0.39	0.43	0.46
SBRA	Sabra Health Care REIT	Health Care REITs	0.12	0.25	0.35	0.50
OHI	Omega Healthcare Investors	Health Care REITs	0.09	0.25	0.33	0.45

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
INDS	Pacer Industrial Real Estate ETF	Industrial REITs	SUB-IND	0.51	0.67	0.66	0.70
IYR	iShares US Real Estate ETF	REITs	SECTOR	0.47	0.67	0.69	0.73
XLRE	Real Estate Select Sector SPDR	Real Estate Sector	SECTOR	0.47	0.66	0.67	0.71
VNQ	Vanguard Real Estate ETF	REITs	SECTOR	0.45	0.67	0.69	0.73
SCHH	Schwab US REIT ETF	REITs	SECTOR	0.45	0.66	0.68	0.72
RWR	SPDR Dow Jones REIT ETF	REITs	SECTOR	0.45	0.65	0.67	0.71
USRT	iShares Core US REIT ETF	REITs	SECTOR	0.45	0.65	0.67	0.72
REZ	iShares Residential & Multisector RE	Residential REITs	SUB-IND	0.41	0.59	0.61	0.65
SRVR	Pacer Data & Infrastructure RE	Data Center & Tower REITs	SUB-IND	0.28	0.49	0.56	0.61
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	0.16	0.38	0.53	0.65
IVV	iShares Core S&P 500	S&P 500	BROAD	0.16	0.37	0.53	0.65
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	0.16	0.37	0.53	0.65

NEXT STEPS

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Replacement research for WY's peers

RYN CUBE PSA EXR INVH AMH MAA SAFE VICI APLE SPG MRP BFS HST XHR SKT KIM TRNO PLD PK MAC STAG DRH NNN O FR UDR RHP ESS FRT IRT CPT EGP BXP ELS REXR PEB CURB PECO VMRK VNO REG AKR FCPT AVB IVT BRX ARE NXRT ADC CUZ EQR WPC GLPI LXP GNL UE SLG DEI CDP AMT BNL AAT DEA HIW GTY SHO EPRT CCI LAMR KRG JBGS DOC SBAC KRC NTST IIPR OUT VTR DLR NHI HR AHR LTC WELL IRM CTRE EPR EQIX MPT CSR SBRA OHI

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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.