Tax-loss harvesting alternatives for CAT

Among the 12 Construction Machinery & Heavy Transportation Equipment peers screened, WAB (Wabtec) has tracked CAT most closely over the past year, with a return correlation of 0.63. The strongest fund stand-in is PAVE (Global X US Infrastructure) at 0.78 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
WAB	Wabtec	Construction Machinery & Heavy Transportation Equipment	0.63	0.62	0.63	0.60
TEX	Terex	Construction Machinery & Heavy Transportation Equipment	0.59	0.66	0.68	0.69
ASTE	Astec Industries, Inc.	Construction Machinery & Heavy Transportation Equipment	0.56	0.53	0.56	0.57
OSK	Oshkosh	Construction Machinery & Heavy Transportation Equipment	0.55	0.59	0.62	0.67
ALSN	Allison Transmission	Construction Machinery & Heavy Transportation Equipment	0.51	0.55	0.56	0.59
FSS	Federal Signal Corporation	Construction Machinery & Heavy Transportation Equipment	0.49	0.53	0.54	0.55
PCAR	Paccar	Construction Machinery & Heavy Transportation Equipment	0.45	0.52	0.56	0.60
ALG	Alamo Group	Construction Machinery & Heavy Transportation Equipment	0.40	0.49	0.51	0.54
GATX	GATX	Construction Machinery & Heavy Transportation Equipment	0.39	0.45	0.49	0.56
RUSHA	Rush Enterprises	Construction Machinery & Heavy Transportation Equipment	0.37	0.49	0.49	0.52
TRN	Trinity Industries, Inc.	Construction Machinery & Heavy Transportation Equipment	0.30	0.41	0.47	0.53
GBX	The Greenbrier Companies, Inc.	Construction Machinery & Heavy Transportation Equipment	0.19	0.38	0.41	0.47

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
PAVE	Global X US Infrastructure	Infrastructure	SECTOR	0.78	0.77	0.75	0.76
VIS	Vanguard Industrials ETF	Industrials Sector	SECTOR	0.78	0.77	0.74	0.76
FIDU	Fidelity MSCI Industrials ETF	Industrials Sector	SECTOR	0.78	0.77	0.74	0.76
XLI	Industrial Select Sector SPDR	Industrials Sector	SECTOR	0.76	0.76	0.74	0.76
IYJ	iShares US Industrials ETF	Industrials Sector	SECTOR	0.66	0.71	0.68	0.72
BOTZ	Global X Robotics & AI	Robotics & AI	SECTOR	0.55	0.59	0.53	0.57
XAR	SPDR S&P Aerospace & Defense	Aerospace & Defense (Equal Wt)	INDUSTRY	0.52	0.54	0.55	0.61
PPA	Invesco Aerospace & Defense ETF	Aerospace & Defense	INDUSTRY	0.49	0.54	0.56	0.63
ITA	iShares Aerospace & Defense ETF	Aerospace & Defense	INDUSTRY	0.46	0.49	0.52	0.60
IYT	iShares Transportation Average	Transportation	INDUSTRY	0.44	0.58	0.57	0.65
XTN	SPDR S&P Transportation ETF	Transportation	INDUSTRY	0.43	0.58	0.57	0.63
JETS	US Global Jets ETF	Airlines	SUB-IND	0.41	0.51	0.49	0.52

NEXT STEPS

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Replacement research for CAT's peers

WAB TEX ASTE OSK ALSN FSS PCAR ALG GATX RUSHA TRN GBX

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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.