Tax-loss harvesting alternatives for CMC

Among the 8 Steel peers screened, RS (Reliance, Inc.) has tracked CMC most closely over the past year, with a return correlation of 0.69. The strongest fund stand-in is SLX (VanEck Steel ETF) at 0.70 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
RS	Reliance, Inc.	Steel	0.69	0.70	0.71	0.73
STLD	Steel Dynamics	Steel	0.68	0.72	0.72	0.75
NUE	Nucor Corp.	Steel	0.67	0.72	0.72	0.75
MTUS	Metallus Inc	Steel	0.62	0.65	0.66	0.58
WS	Worthington Steel	Steel	0.57	0.55	—	—
CLF	Cleveland-Cliffs	Steel	0.45	0.54	0.57	0.60
HCC	Warrior Met Coal, Inc.	Steel	0.17	0.27	0.32	0.38
AMR	Alpha Metallurgical Resources, Inc.	Steel	0.17	0.27	0.32	—

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
SLX	VanEck Steel ETF	Steel	SUB-IND	0.70	0.75	0.74	0.76
PAVE	Global X US Infrastructure	Infrastructure	SECTOR	0.68	0.71	0.71	0.73
FMAT	Fidelity MSCI Materials ETF	Materials Sector	SECTOR	0.58	0.65	0.68	0.69
VAW	Vanguard Materials ETF	Materials Sector	SECTOR	0.57	0.65	0.68	0.69
XLB	Materials Select Sector SPDR	Materials Sector	SECTOR	0.55	0.62	0.65	0.65
IYM	iShares US Basic Materials ETF	Materials Sector	SECTOR	0.54	0.61	0.67	0.68
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	0.50	0.55	0.57	0.58
XME	SPDR S&P Metals & Mining ETF	Metals & Mining	INDUSTRY	0.50	0.61	0.67	0.73
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	0.50	0.55	0.57	0.58
COPX	Global X Copper Miners ETF	Copper Miners	SUB-IND	0.43	0.44	0.49	0.52
GDX	VanEck Gold Miners ETF	Gold Miners	SUB-IND	0.25	0.20	0.24	0.18
RING	iShares MSCI Global Gold Miners	Gold Miners	SUB-IND	0.24	0.20	0.23	0.18

NEXT STEPS

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Replacement research for CMC's peers

RS STLD NUE MTUS WS CLF HCC AMR

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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.