Tax-loss harvesting alternatives for CRM

Among the 49 Application Software peers screened, HUBS (HubSpot Inc.) has tracked CRM most closely over the past year, with a return correlation of 0.80. The strongest fund stand-in is WCLD (WisdomTree Cloud Computing) at 0.82 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
HUBS	HubSpot Inc.	Application Software	0.80	0.70	0.70	0.65
NOW	ServiceNow	Application Software	0.80	0.75	0.74	0.71
ADBE	Adobe Inc.	Application Software	0.78	0.62	0.65	0.68
WDAY	Workday Inc.	Application Software	0.77	0.65	0.66	0.67
GWRE	Guidewire Software	Application Software	0.71	0.55	0.57	0.56
INTU	Intuit Inc.	Application Software	0.70	0.61	0.63	0.65
DOCU	DocuSign Inc.	Application Software	0.70	0.56	0.56	0.52
BOX	Box, Inc.	Application Software	0.69	0.44	0.44	0.44
TEAM	Atlassian Corp.	Application Software	0.68	0.60	0.61	0.57
CXM	Sprinklr, Inc.	Application Software	0.68	0.50	0.51	—
BSY	Bentley Systems	Application Software	0.66	0.54	0.57	—
DT	Dynatrace	Application Software	0.64	0.57	0.60	0.58
ADSK	Autodesk	Application Software	0.64	0.61	0.62	0.60
MANH	Manhattan Associates	Application Software	0.64	0.51	0.57	0.52
BL	BlackLine Systems, Inc.	Application Software	0.64	0.52	0.54	0.51
FIVN	Five9, Inc.	Application Software	0.63	0.53	0.52	0.50
PEGA	Pegasystems	Application Software	0.62	0.49	0.51	0.53
APPF	AppFolio	Application Software	0.61	0.39	0.42	0.44
BLKB	Blackbaud	Application Software	0.61	0.44	0.47	0.47
PATH	UiPath Inc.	Application Software	0.59	0.62	0.60	—
RNG	RingCentral, Inc.	Application Software	0.59	0.47	0.52	0.51
QTWO	Q2 Holdings, Inc.	Application Software	0.57	0.51	0.53	0.53
PTC	PTC Inc.	Application Software	0.56	0.51	0.55	0.52
TYL	Tyler Technologies	Application Software	0.56	0.47	0.57	0.55
ZS	Zscaler Inc.	Application Software	0.54	0.52	0.56	0.49
ZM	Zoom Video Communications	Application Software	0.54	0.48	0.52	0.39
TRMB	Trimble Inc.	Application Software	0.54	0.47	0.53	0.50
SPSC	SPS Commerce, Inc.	Application Software	0.52	0.45	0.50	0.47
ALRM	Alarm.Com, Inc.	Application Software	0.52	0.44	0.48	0.44
TWLO	Twilio Inc.	Application Software	0.51	0.46	0.53	0.50
DBX	Dropbox	Application Software	0.51	0.45	0.52	0.48
BILL	Bill Holdings	Application Software	0.48	0.44	0.52	0.50
ACIW	ACI Worldwide	Application Software	0.48	0.40	0.43	0.42
TTD	The Trade Desk	Application Software	0.48	0.37	0.46	0.44
AGYS	Agilysys, Inc.	Application Software	0.44	0.36	0.34	0.32
RAMP	LiveRamp Holdings, Inc.	Application Software	0.44	0.38	0.44	0.42
MDB	MongoDB Inc.	Application Software	0.44	0.42	0.49	0.51
SHOP	Shopify Inc.	Application Software	0.43	0.43	0.52	0.53
SNOW	Snowflake Inc.	Application Software	0.42	0.43	0.50	—
CDNS	Cadence Design Systems	Application Software	0.40	0.42	0.51	0.54
DDOG	Datadog Inc.	Application Software	0.40	0.42	0.52	0.49
FICO	Fair Isaac	Application Software	0.39	0.38	0.43	0.49
PLTR	Palantir Technologies	Application Software	0.37	0.32	0.42	—
DLB	Dolby	Application Software	0.33	0.31	0.38	0.43
U	Unity Software	Application Software	0.31	0.31	0.44	—
SNPS	Synopsys Inc.	Application Software	0.29	0.38	0.47	0.53
YOU	Clear Secure, Inc.	Application Software	0.28	0.26	0.35	—
LIF	Life360	Application Software	0.23	0.28	—	—
CALX	Calix	Application Software	0.11	0.20	0.34	0.30

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
WCLD	WisdomTree Cloud Computing	Cloud Computing	SUB-IND	0.82	0.74	0.74	0.73
CLOU	Global X Cloud Computing ETF	Cloud Computing	SUB-IND	0.76	0.70	0.73	0.74
XSW	SPDR S&P Software & Services	Software (Equal Wt)	INDUSTRY	0.75	0.69	0.73	0.73
IGV	iShares Expanded Tech-Software	Software	INDUSTRY	0.74	0.75	0.79	0.80
SKYY	First Trust Cloud Computing	Cloud Computing	SUB-IND	0.66	0.67	0.72	0.73
BUG	Global X Cybersecurity ETF	Cybersecurity	SUB-IND	0.59	0.61	0.65	0.64
CIBR	First Trust Cybersecurity ETF	Cybersecurity	SUB-IND	0.54	0.59	0.66	0.68
HACK	ETFMG Prime Cyber Security	Cybersecurity	SUB-IND	0.53	0.58	0.65	0.67
VGT	Vanguard Info Tech ETF	Tech Sector	SECTOR	0.11	0.39	0.56	0.64
XLK	Technology Select Sector SPDR	Tech Sector	SECTOR	0.06	0.37	0.53	0.62
QQQM	Invesco Nasdaq 100 ETF	Nasdaq 100	BROAD	0.05	0.37	0.55	—
QQQ	Invesco QQQ Trust	Nasdaq 100	BROAD	0.05	0.37	0.55	0.63

NEXT STEPS

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Replacement research for CRM's peers

HUBS NOW ADBE WDAY GWRE INTU DOCU BOX TEAM CXM BSY DT ADSK MANH BL FIVN PEGA APPF BLKB PATH RNG QTWO PTC TYL ZS ZM TRMB SPSC ALRM TWLO DBX BILL ACIW TTD AGYS RAMP MDB SHOP SNOW CDNS DDOG FICO PLTR DLB U SNPS YOU LIF CALX

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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.