Tax-loss harvesting alternatives for APP

Among the 3 Advertising peers screened, DV (DoubleVerify Holdings Inc.) has tracked APP most closely over the past year, with a return correlation of 0.23. The strongest fund stand-in is SOCL (Global X Social Media ETF) at 0.42 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
DV	DoubleVerify Holdings Inc.	Advertising	0.23	0.20	0.32	—
ZD	Ziff Davis	Advertising	0.17	0.25	0.31	—
OMC	Omnicom Group	Advertising	0.11	0.15	0.22	—

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
SOCL	Global X Social Media ETF	Social Media	SUB-IND	0.42	0.39	0.47	—
FCOM	Fidelity MSCI Communication Services	Comm Services Sector	SECTOR	0.39	0.47	0.52	—
QQQM	Invesco Nasdaq 100 ETF	Nasdaq 100	BROAD	0.39	0.48	0.52	—
QQQ	Invesco QQQ Trust	Nasdaq 100	BROAD	0.38	0.48	0.52	—
VOX	Vanguard Communication Services	Comm Services Sector	SECTOR	0.38	0.47	0.52	—
IVV	iShares Core S&P 500	S&P 500	BROAD	0.37	0.46	0.48	—
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	0.37	0.46	0.48	—
ESPO	VanEck Video Gaming & eSports	Gaming & Esports	SUB-IND	0.37	0.52	0.56	—
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	0.37	0.45	0.48	—
HERO	Global X Video Games & Esports	Gaming & Esports	SUB-IND	0.36	0.36	0.47	—
XLC	Communication Services SPDR	Comm Services Sector	SECTOR	0.32	0.44	0.50	—
IYZ	iShares US Telecommunications ETF	Telecom	INDUSTRY	0.19	0.29	0.38	—

NEXT STEPS

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Replacement research for APP's peers

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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.