Tax-loss harvesting alternatives for EQH

Among the 28 Diversified Financial Services peers screened, VOYA (Voya Financial) has tracked EQH most closely over the past year, with a return correlation of 0.67. The strongest fund stand-in is IYF (iShares US Financials ETF) at 0.68 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
VOYA	Voya Financial	Multi-Sector Holdings	0.67	0.70	0.73	0.77
JEF	Jefferies	Multi-Sector Holdings	0.47	0.63	0.67	0.70
GPN	Global Payments	Transaction & Payment Processing Services	0.38	0.46	0.52	0.59
XYZ	Block Inc. (Square)	Transaction & Payment Processing Services	0.35	0.44	0.48	0.43
MA	Mastercard Inc.	Transaction & Payment Processing Services	0.32	0.41	0.49	0.57
NATL	NCR Atleos	Transaction & Payment Processing Services	0.30	0.37	—	—
SEZL	Sezzle	Transaction & Payment Processing Services	0.30	0.22	—	—
CPAY	Corpay	Transaction & Payment Processing Services	0.29	0.49	0.55	0.59
V	Visa Inc.	Transaction & Payment Processing Services	0.29	0.41	0.47	0.55
EVTC	EVERTEC, Inc.	Transaction & Payment Processing Services	0.29	0.38	0.44	0.49
TOST	Toast, Inc.	Transaction & Payment Processing Services	0.29	0.38	0.37	—
PAYO	Payoneer Global Inc.	Transaction & Payment Processing Services	0.29	0.31	0.33	—
CACC	Credit Acceptance	Specialized Finance	0.29	0.43	0.46	0.48
PYPL	PayPal Holdings	Transaction & Payment Processing Services	0.28	0.44	0.45	0.42
EEFT	Euronet Worldwide	Transaction & Payment Processing Services	0.27	0.44	0.49	0.54
NMIH	NMI Holdings, Inc.	Commercial & Residential Mortgage Finance	0.26	0.44	0.53	0.57
ACT	Enact Holdings, Inc.	Commercial & Residential Mortgage Finance	0.24	0.39	0.47	—
FIS	Fidelity National Info	Transaction & Payment Processing Services	0.24	0.32	0.43	0.49
ESNT	Essent Group Ltd.	Commercial & Residential Mortgage Finance	0.22	0.44	0.57	0.54
RELY	Remitly	Transaction & Payment Processing Services	0.22	0.20	0.25	—
WD	Walker & Dunlop, Inc.	Commercial & Residential Mortgage Finance	0.22	0.42	0.50	0.56
WEX	WEX Inc.	Transaction & Payment Processing Services	0.21	0.42	0.50	0.62
FISV	Fiserv	Transaction & Payment Processing Services	0.19	0.27	0.36	0.45
EFC	Ellington Financial, Inc.	Specialized Finance	0.18	0.37	0.45	0.37
FOUR	Shift4	Transaction & Payment Processing Services	0.18	0.34	0.40	0.35
WU	Western Union	Transaction & Payment Processing Services	0.17	0.24	0.32	0.41
HASI	Hannon Armstrong Sustainable Infrastructure Capital, Inc.	Specialized Finance	0.17	0.29	0.34	0.41
JKHY	Jack Henry & Associates	Transaction & Payment Processing Services	0.11	0.18	0.29	0.34

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
IYF	iShares US Financials ETF	Financials Sector	SECTOR	0.68	0.77	0.81	0.83
VFH	Vanguard Financials ETF	Financials Sector	SECTOR	0.68	0.77	0.81	0.83
XLF	Financial Select Sector SPDR	Financials Sector	SECTOR	0.66	0.75	0.79	0.82
KBWB	Invesco KBW Bank ETF	Large Banks	INDUSTRY	0.61	0.74	0.78	0.81
IAI	iShares Broker-Dealers & Exchanges	Capital Markets	INDUSTRY	0.61	0.72	0.76	0.77
KBE	SPDR S&P Bank ETF	Banks	INDUSTRY	0.54	0.70	0.76	0.79
IPAY	ETFMG Prime Mobile Payments	Payments	SUB-IND	0.51	0.65	0.67	0.69
KRE	SPDR S&P Regional Banking ETF	Regional Banks	SUB-IND	0.48	0.67	0.72	0.76
FINX	Global X FinTech ETF	FinTech	SUB-IND	0.48	0.61	0.62	0.61
KIE	SPDR S&P Insurance ETF	Insurance	INDUSTRY	0.42	0.58	0.68	0.77
ARKF	ARK Fintech Innovation ETF	FinTech (Active)	SUB-IND	0.42	0.57	0.55	0.50
IAK	iShares US Insurance ETF	Insurance	INDUSTRY	0.34	0.50	0.63	0.74

NEXT STEPS

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Replacement research for EQH's peers

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

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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.