Tax-loss harvesting alternatives for AA

Among the 18 Aluminum peers screened, CENX (Century Aluminum Company) has tracked AA most closely over the past year, with a return correlation of 0.71. The strongest fund stand-in is XME (SPDR S&P Metals & Mining ETF) at 0.67 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
CENX	Century Aluminum Company	Aluminum	0.71	0.71	0.75	0.70
FCX	Freeport-McMoRan	Copper	0.58	0.62	0.67	0.66
KALU	Kaiser Aluminum Corporation	Aluminum	0.58	0.57	0.59	0.61
NEM	Newmont Corp.	Gold	0.50	0.40	0.38	0.28
HL	Hecla Mining	Silver	0.46	0.43	0.43	0.38
RGLD	Royal Gold	Gold	0.45	0.35	0.36	0.28
CDE	Coeur Mining	Gold	0.43	0.44	0.42	0.34
CLF	Cleveland-Cliffs	Steel	0.40	0.42	0.48	0.53
CMC	Commercial Metals	Steel	0.39	0.44	0.48	0.54
STLD	Steel Dynamics	Steel	0.39	0.45	0.50	0.56
MP	MP Materials	Diversified Metals & Mining	0.38	0.34	0.38	0.35
NUE	Nucor Corp.	Steel	0.35	0.40	0.47	0.55
HCC	Warrior Met Coal, Inc.	Steel	0.34	0.35	0.39	0.41
WS	Worthington Steel	Steel	0.32	0.34	—	—
AMR	Alpha Metallurgical Resources, Inc.	Steel	0.30	0.32	0.39	—
MTRN	Materion Corp.	Diversified Metals & Mining	0.30	0.36	0.37	0.42
RS	Reliance, Inc.	Steel	0.28	0.36	0.41	0.51
MTUS	Metallus Inc	Steel	0.28	0.38	0.47	0.49

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
XME	SPDR S&P Metals & Mining ETF	Metals & Mining	INDUSTRY	0.67	0.69	0.73	0.75
IYM	iShares US Basic Materials ETF	Materials Sector	SECTOR	0.61	0.64	0.67	0.67
COPX	Global X Copper Miners ETF	Copper Miners	SUB-IND	0.57	0.61	0.65	0.64
SLX	VanEck Steel ETF	Steel	SUB-IND	0.56	0.61	0.67	0.69
VAW	Vanguard Materials ETF	Materials Sector	SECTOR	0.52	0.60	0.62	0.64
FMAT	Fidelity MSCI Materials ETF	Materials Sector	SECTOR	0.52	0.60	0.62	0.64
RING	iShares MSCI Global Gold Miners	Gold Miners	SUB-IND	0.49	0.40	0.41	0.30
GDX	VanEck Gold Miners ETF	Gold Miners	SUB-IND	0.49	0.40	0.42	0.30
XLB	Materials Select Sector SPDR	Materials Sector	SECTOR	0.45	0.56	0.59	0.60
PAVE	Global X US Infrastructure	Infrastructure	SECTOR	0.40	0.52	0.55	0.62
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	0.39	0.48	0.49	0.51
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	0.39	0.48	0.49	0.51

NEXT STEPS

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Replacement research for AA's peers

CENX FCX KALU NEM HL RGLD CDE CLF CMC STLD MP NUE HCC WS AMR MTRN RS MTUS

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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.