Tax-loss harvesting alternatives for CNS

Among the 24 Asset Management & Custody Banks peers screened, BLK (BlackRock Inc.) has tracked CNS most closely over the past year, with a return correlation of 0.51. The strongest fund stand-in is VFH (Vanguard Financials ETF) at 0.50 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
BLK	BlackRock Inc.	Asset Management & Custody Banks	0.51	0.57	0.62	0.60
CG	Carlyle Group (The)	Asset Management & Custody Banks	0.51	0.55	0.60	0.55
KKR	KKR & Co.	Asset Management & Custody Banks	0.50	0.50	0.57	0.54
ARES	Ares Management	Asset Management & Custody Banks	0.48	0.44	0.51	0.50
FHI	Federated Hermes	Asset Management & Custody Banks	0.48	0.50	0.51	0.55
BEN	Franklin Templeton	Asset Management & Custody Banks	0.48	0.59	0.64	0.59
APAM	Artisan Partners Asset Management, Inc.	Asset Management & Custody Banks	0.46	0.65	0.67	0.62
BX	Blackstone Inc.	Asset Management & Custody Banks	0.46	0.60	0.62	0.57
VCTR	Victory Capital Holdings, Inc.	Asset Management & Custody Banks	0.46	0.52	0.55	0.47
AMG	Affiliated Managers Group	Asset Management & Custody Banks	0.44	0.49	0.56	0.56
VRTS	Virtus Investment Partners, Inc.	Asset Management & Custody Banks	0.44	0.58	0.64	0.59
APO	Apollo Global Management	Asset Management & Custody Banks	0.43	0.41	0.49	0.50
SEIC	SEI Investments Company	Asset Management & Custody Banks	0.43	0.52	0.60	0.61
AAMI	Acadian Asset Management Inc.	Asset Management & Custody Banks	0.42	0.48	0.52	0.50
TROW	T. Rowe Price	Asset Management & Custody Banks	0.42	0.59	0.64	0.61
IVZ	Invesco Ltd.	Asset Management & Custody Banks	0.41	0.53	0.61	0.60
AMP	Ameriprise Financial	Asset Management & Custody Banks	0.39	0.45	0.54	0.62
HLNE	Hamilton Lane	Asset Management & Custody Banks	0.38	0.50	0.58	0.53
CRBG	Corebridge Financial	Asset Management & Custody Banks	0.37	0.39	0.41	—
STEP	StepStone Group	Asset Management & Custody Banks	0.36	0.43	0.51	0.46
STT	State Street Corp.	Asset Management & Custody Banks	0.35	0.50	0.53	0.57
NTRS	Northern Trust	Asset Management & Custody Banks	0.35	0.49	0.54	0.57
BNY	BNY Mellon	Asset Management & Custody Banks	0.31	0.44	0.51	0.55
WT	WisdomTree Investments, Inc.	Asset Management & Custody Banks	0.31	0.36	0.43	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
VFH	Vanguard Financials ETF	Financials Sector	SECTOR	0.50	0.59	0.65	0.69
KBE	SPDR S&P Bank ETF	Banks	INDUSTRY	0.49	0.64	0.66	0.65
IYF	iShares US Financials ETF	Financials Sector	SECTOR	0.49	0.58	0.64	0.70
KRE	SPDR S&P Regional Banking ETF	Regional Banks	SUB-IND	0.47	0.63	0.64	0.64
XLF	Financial Select Sector SPDR	Financials Sector	SECTOR	0.47	0.55	0.62	0.67
IAI	iShares Broker-Dealers & Exchanges	Capital Markets	INDUSTRY	0.42	0.52	0.59	0.65
KBWB	Invesco KBW Bank ETF	Large Banks	INDUSTRY	0.41	0.58	0.62	0.64
IPAY	ETFMG Prime Mobile Payments	Payments	SUB-IND	0.40	0.50	0.58	0.62
KIE	SPDR S&P Insurance ETF	Insurance	INDUSTRY	0.37	0.43	0.51	0.64
FINX	Global X FinTech ETF	FinTech	SUB-IND	0.34	0.47	0.56	0.56
IAK	iShares US Insurance ETF	Insurance	INDUSTRY	0.29	0.37	0.45	0.60
ARKF	ARK Fintech Innovation ETF	FinTech (Active)	SUB-IND	0.26	0.40	0.49	0.49

NEXT STEPS

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Replacement research for CNS's peers

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

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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.