Tax-loss harvesting alternatives for APD

Among the 37 Industrial Gases peers screened, LIN (Linde plc) has tracked APD most closely over the past year, with a return correlation of 0.51. The strongest fund stand-in is XLB (Materials Select Sector SPDR) at 0.41 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
LIN	Linde plc	Industrial Gases	0.51	0.49	0.57	0.66
CE	Celanese	Specialty Chemicals	0.37	0.36	0.41	0.48
EMN	Eastman Chemical Company	Specialty Chemicals	0.35	0.43	0.48	0.54
DOW	Dow Inc.	Commodity Chemicals	0.28	0.36	0.40	0.49
CTVA	Corteva	Fertilizers & Agricultural Chemicals	0.28	0.29	0.34	0.42
LYB	LyondellBasell	Commodity Chemicals	0.26	0.36	0.39	0.50
OLN	Olin Corporation	Diversified Chemicals	0.26	0.35	0.38	0.42
WLK	Westlake Corporation	Specialty Chemicals	0.25	0.33	0.36	0.44
AVNT	Avient	Specialty Chemicals	0.25	0.36	0.43	0.43
IOSP	Innospec, Inc.	Specialty Chemicals	0.24	0.31	0.37	0.47
CC	Chemours	Diversified Chemicals	0.24	0.33	0.40	0.44
DD	DuPont de Nemours	Diversified Chemicals	0.23	0.38	0.45	0.52
AXTA	Axalta	Specialty Chemicals	0.23	0.35	0.44	0.45
RPM	RPM International	Specialty Chemicals	0.23	0.34	0.41	0.50
ECL	Ecolab Inc.	Specialty Chemicals	0.22	0.33	0.42	0.54
PPG	PPG Industries	Specialty Chemicals	0.22	0.37	0.46	0.52
SHW	Sherwin-Williams	Specialty Chemicals	0.22	0.32	0.39	0.47
CF	CF Industries	Fertilizers & Agricultural Chemicals	0.20	0.21	0.20	0.32
MTX	Minerals Technologies	Specialty Chemicals	0.20	0.28	0.39	0.47
SCL	Stepan Company	Specialty Chemicals	0.19	0.30	0.36	0.42
FUL	H.B. Fuller Company	Specialty Chemicals	0.19	0.32	0.41	0.50
IFF	International Flavors & Fragrances	Specialty Chemicals	0.19	0.32	0.37	0.43
CBT	Cabot Corp	Diversified Chemicals	0.19	0.27	0.36	0.46
KWR	Quaker Chemical Corporation	Specialty Chemicals	0.19	0.30	0.37	0.45
FMC	FMC Corporation	Fertilizers & Agricultural Chemicals	0.19	0.28	0.31	0.39
ASH	Ashland Global	Diversified Chemicals	0.18	0.27	0.36	0.45
BCPC	Balchem Corporation	Specialty Chemicals	0.17	0.30	0.38	0.42
SXT	Sensient Technologies	Specialty Chemicals	0.16	0.21	0.31	0.42
NEU	NewMarket Corporation	Specialty Chemicals	0.15	0.21	0.27	0.36
ESI	Element Solutions	Specialty Chemicals	0.14	0.27	0.36	0.42
KOP	Koppers Holdings, Inc.	Commodity Chemicals	0.14	0.23	0.32	0.39
MOS	Mosaic Company (The)	Fertilizers & Agricultural Chemicals	0.13	0.23	0.22	0.31
ALB	Albemarle Corporation	Specialty Chemicals	0.10	0.27	0.31	0.39
HWKN	Hawkins, Inc.	Commodity Chemicals	0.10	0.25	0.25	0.32
SMG	Scotts Miracle-Gro Company	Fertilizers & Agricultural Chemicals	0.09	0.24	0.30	0.35
SOLS	Solstice Advanced Materials	Specialty Chemicals	0.07	—	—	—
NGVT	Ingevity, Corp.	Specialty Chemicals	0.01	0.24	0.31	0.36

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
XLB	Materials Select Sector SPDR	Materials Sector	SECTOR	0.41	0.56	0.63	0.71
VAW	Vanguard Materials ETF	Materials Sector	SECTOR	0.35	0.52	0.61	0.69
FMAT	Fidelity MSCI Materials ETF	Materials Sector	SECTOR	0.35	0.52	0.60	0.69
IYM	iShares US Basic Materials ETF	Materials Sector	SECTOR	0.32	0.52	0.59	0.68
PAVE	Global X US Infrastructure	Infrastructure	SECTOR	0.16	0.36	0.48	0.57
SLX	VanEck Steel ETF	Steel	SUB-IND	0.15	0.33	0.40	0.48
XME	SPDR S&P Metals & Mining ETF	Metals & Mining	INDUSTRY	0.10	0.27	0.36	0.44
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	0.09	0.33	0.45	0.59
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	0.08	0.33	0.45	0.60
COPX	Global X Copper Miners ETF	Copper Miners	SUB-IND	0.07	0.23	0.32	0.43
GDX	VanEck Gold Miners ETF	Gold Miners	SUB-IND	0.01	0.13	0.19	0.16
RING	iShares MSCI Global Gold Miners	Gold Miners	SUB-IND	0.00	0.13	0.18	0.18

NEXT STEPS

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Replacement research for APD's peers

LIN CE EMN DOW CTVA LYB OLN WLK AVNT IOSP CC DD AXTA RPM ECL PPG SHW CF MTX SCL FUL IFF CBT KWR FMC ASH BCPC SXT NEU ESI KOP MOS ALB HWKN SMG SOLS NGVT

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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.