Tax-loss harvesting alternatives for EFC

Among the 28 Specialized Finance peers screened, ACT (Enact Holdings, Inc.) has tracked EFC most closely over the past year, with a return correlation of 0.35. The strongest fund stand-in is KBE (SPDR S&P Bank ETF) at 0.35 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
ACT	Enact Holdings, Inc.	Commercial & Residential Mortgage Finance	0.35	0.42	0.40	—
ESNT	Essent Group Ltd.	Commercial & Residential Mortgage Finance	0.33	0.44	0.50	0.48
NMIH	NMI Holdings, Inc.	Commercial & Residential Mortgage Finance	0.31	0.39	0.44	0.37
WD	Walker & Dunlop, Inc.	Commercial & Residential Mortgage Finance	0.30	0.44	0.48	0.40
HASI	Hannon Armstrong Sustainable Infrastructure Capital, Inc.	Specialized Finance	0.23	0.40	0.42	0.35
JEF	Jefferies	Multi-Sector Holdings	0.23	0.36	0.41	0.34
GPN	Global Payments	Transaction & Payment Processing Services	0.21	0.32	0.38	0.26
CPAY	Corpay	Transaction & Payment Processing Services	0.19	0.33	0.41	0.30
CACC	Credit Acceptance	Specialized Finance	0.19	0.34	0.39	0.32
EEFT	Euronet Worldwide	Transaction & Payment Processing Services	0.19	0.37	0.40	0.35
EQH	Equitable Holdings	Diversified Financial Services	0.18	0.36	0.44	0.36
FOUR	Shift4	Transaction & Payment Processing Services	0.17	0.24	0.30	0.29
XYZ	Block Inc. (Square)	Transaction & Payment Processing Services	0.17	0.31	0.36	0.25
WU	Western Union	Transaction & Payment Processing Services	0.16	0.28	0.31	0.22
V	Visa Inc.	Transaction & Payment Processing Services	0.15	0.30	0.35	0.29
MA	Mastercard Inc.	Transaction & Payment Processing Services	0.15	0.28	0.37	0.28
NATL	NCR Atleos	Transaction & Payment Processing Services	0.13	0.28	—	—
EVTC	EVERTEC, Inc.	Transaction & Payment Processing Services	0.13	0.25	0.31	0.26
PAYO	Payoneer Global Inc.	Transaction & Payment Processing Services	0.12	0.29	0.26	—
PYPL	PayPal Holdings	Transaction & Payment Processing Services	0.11	0.24	0.31	0.18
FIS	Fidelity National Info	Transaction & Payment Processing Services	0.11	0.27	0.32	0.23
TOST	Toast, Inc.	Transaction & Payment Processing Services	0.11	0.26	0.29	—
VOYA	Voya Financial	Multi-Sector Holdings	0.10	0.34	0.39	0.34
RELY	Remitly	Transaction & Payment Processing Services	0.08	0.13	0.18	—
SEZL	Sezzle	Transaction & Payment Processing Services	0.08	0.14	0.12	—
JKHY	Jack Henry & Associates	Transaction & Payment Processing Services	0.06	0.19	0.25	0.12
FISV	Fiserv	Transaction & Payment Processing Services	0.06	0.14	0.24	0.24
WEX	WEX Inc.	Transaction & Payment Processing Services	0.03	0.25	0.36	0.38

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
KBE	SPDR S&P Bank ETF	Banks	INDUSTRY	0.35	0.49	0.51	0.41
KRE	SPDR S&P Regional Banking ETF	Regional Banks	SUB-IND	0.33	0.47	0.48	0.39
VFH	Vanguard Financials ETF	Financials Sector	SECTOR	0.30	0.47	0.52	0.42
IYF	iShares US Financials ETF	Financials Sector	SECTOR	0.30	0.47	0.52	0.43
KBWB	Invesco KBW Bank ETF	Large Banks	INDUSTRY	0.30	0.44	0.47	0.39
XLF	Financial Select Sector SPDR	Financials Sector	SECTOR	0.28	0.45	0.50	0.40
IPAY	ETFMG Prime Mobile Payments	Payments	SUB-IND	0.24	0.43	0.48	0.37
KIE	SPDR S&P Insurance ETF	Insurance	INDUSTRY	0.23	0.38	0.46	0.40
IAI	iShares Broker-Dealers & Exchanges	Capital Markets	INDUSTRY	0.21	0.42	0.46	0.36
FINX	Global X FinTech ETF	FinTech	SUB-IND	0.18	0.40	0.45	0.32
IAK	iShares US Insurance ETF	Insurance	INDUSTRY	0.17	0.33	0.41	0.39
ARKF	ARK Fintech Innovation ETF	FinTech (Active)	SUB-IND	0.15	0.36	0.40	0.26

NEXT STEPS

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Replacement research for EFC's peers

ACT ESNT NMIH WD HASI JEF GPN CPAY CACC EEFT EQH FOUR XYZ WU V MA NATL EVTC PAYO PYPL FIS TOST VOYA RELY SEZL JKHY FISV WEX

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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.