Tax-loss harvesting alternatives for ZD

Among the 3 Advertising peers screened, APP (AppLovin) has tracked ZD most closely over the past year, with a return correlation of 0.17. The strongest fund stand-in is FCOM (Fidelity MSCI Communication Services) at 0.21 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
APP	AppLovin	Advertising	0.17	0.25	0.31	—
OMC	Omnicom Group	Advertising	0.16	0.28	0.33	0.35
DV	DoubleVerify Holdings Inc.	Advertising	0.16	0.20	0.29	—

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
FCOM	Fidelity MSCI Communication Services	Comm Services Sector	SECTOR	0.21	0.33	0.44	0.45
VOX	Vanguard Communication Services	Comm Services Sector	SECTOR	0.21	0.33	0.44	0.46
XLC	Communication Services SPDR	Comm Services Sector	SECTOR	0.20	0.32	0.42	0.46
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	0.13	0.35	0.44	0.48
IVV	iShares Core S&P 500	S&P 500	BROAD	0.13	0.34	0.44	0.48
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	0.13	0.34	0.44	0.48
HERO	Global X Video Games & Esports	Gaming & Esports	SUB-IND	0.12	0.22	0.33	0.34
SOCL	Global X Social Media ETF	Social Media	SUB-IND	0.11	0.27	0.38	0.41
ESPO	VanEck Video Gaming & eSports	Gaming & Esports	SUB-IND	0.11	0.25	0.37	0.38
QQQM	Invesco Nasdaq 100 ETF	Nasdaq 100	BROAD	0.09	0.29	0.40	—
QQQ	Invesco QQQ Trust	Nasdaq 100	BROAD	0.09	0.29	0.40	0.44
IYZ	iShares US Telecommunications ETF	Telecom	INDUSTRY	0.02	0.26	0.37	0.42

NEXT STEPS

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Replacement research for ZD's peers

APP OMC DV

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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.