Tax-loss harvesting alternatives for APAM

Among the 24 Asset Management & Custody Banks peers screened, CG (Carlyle Group (The)) has tracked APAM most closely over the past year, with a return correlation of 0.57. The strongest fund stand-in is IYF (iShares US Financials ETF) at 0.55 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
CG	Carlyle Group (The)	Asset Management & Custody Banks	0.57	0.65	0.66	0.59
TROW	T. Rowe Price	Asset Management & Custody Banks	0.56	0.68	0.70	0.69
BLK	BlackRock Inc.	Asset Management & Custody Banks	0.56	0.64	0.68	0.69
FHI	Federated Hermes	Asset Management & Custody Banks	0.56	0.57	0.57	0.63
BX	Blackstone Inc.	Asset Management & Custody Banks	0.55	0.65	0.67	0.60
IVZ	Invesco Ltd.	Asset Management & Custody Banks	0.52	0.63	0.69	0.69
VRTS	Virtus Investment Partners, Inc.	Asset Management & Custody Banks	0.51	0.63	0.67	0.64
HLNE	Hamilton Lane	Asset Management & Custody Banks	0.50	0.58	0.63	0.56
BEN	Franklin Templeton	Asset Management & Custody Banks	0.50	0.63	0.67	0.67
KKR	KKR & Co.	Asset Management & Custody Banks	0.50	0.57	0.62	0.59
VCTR	Victory Capital Holdings, Inc.	Asset Management & Custody Banks	0.50	0.60	0.61	0.53
STEP	StepStone Group	Asset Management & Custody Banks	0.49	0.54	0.58	0.52
ARES	Ares Management	Asset Management & Custody Banks	0.49	0.54	0.59	0.52
CNS	Cohen & Steers, Inc.	Asset Management & Custody Banks	0.46	0.65	0.67	0.62
WT	WisdomTree Investments, Inc.	Asset Management & Custody Banks	0.45	0.48	0.51	0.55
APO	Apollo Global Management	Asset Management & Custody Banks	0.44	0.52	0.57	0.54
AMP	Ameriprise Financial	Asset Management & Custody Banks	0.43	0.57	0.62	0.66
AAMI	Acadian Asset Management Inc.	Asset Management & Custody Banks	0.43	0.51	0.54	0.53
SEIC	SEI Investments Company	Asset Management & Custody Banks	0.41	0.58	0.64	0.63
AMG	Affiliated Managers Group	Asset Management & Custody Banks	0.41	0.58	0.64	0.66
NTRS	Northern Trust	Asset Management & Custody Banks	0.40	0.54	0.56	0.60
CRBG	Corebridge Financial	Asset Management & Custody Banks	0.40	0.48	0.48	—
STT	State Street Corp.	Asset Management & Custody Banks	0.40	0.57	0.58	0.60
BNY	BNY Mellon	Asset Management & Custody Banks	0.34	0.51	0.55	0.58

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
IYF	iShares US Financials ETF	Financials Sector	SECTOR	0.55	0.67	0.70	0.71
VFH	Vanguard Financials ETF	Financials Sector	SECTOR	0.55	0.68	0.70	0.71
IAI	iShares Broker-Dealers & Exchanges	Capital Markets	INDUSTRY	0.53	0.65	0.68	0.69
XLF	Financial Select Sector SPDR	Financials Sector	SECTOR	0.53	0.65	0.68	0.70
KBWB	Invesco KBW Bank ETF	Large Banks	INDUSTRY	0.50	0.66	0.66	0.67
KBE	SPDR S&P Bank ETF	Banks	INDUSTRY	0.44	0.66	0.65	0.67
IPAY	ETFMG Prime Mobile Payments	Payments	SUB-IND	0.43	0.59	0.64	0.63
KRE	SPDR S&P Regional Banking ETF	Regional Banks	SUB-IND	0.41	0.63	0.62	0.65
FINX	Global X FinTech ETF	FinTech	SUB-IND	0.40	0.56	0.62	0.58
ARKF	ARK Fintech Innovation ETF	FinTech (Active)	SUB-IND	0.36	0.51	0.57	0.54
KIE	SPDR S&P Insurance ETF	Insurance	INDUSTRY	0.28	0.45	0.54	0.63
IAK	iShares US Insurance ETF	Insurance	INDUSTRY	0.19	0.37	0.47	0.59

NEXT STEPS

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Replacement research for APAM's peers

CG TROW BLK FHI BX IVZ VRTS HLNE BEN KKR VCTR STEP ARES CNS WT APO AMP AAMI SEIC AMG NTRS CRBG STT BNY

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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.