Tax-loss harvesting alternatives for HASI

Among the 28 Specialized Finance peers screened, NATL (NCR Atleos) has tracked HASI most closely over the past year, with a return correlation of 0.27. The strongest fund stand-in is KBE (SPDR S&P Bank ETF) at 0.36 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
NATL	NCR Atleos	Transaction & Payment Processing Services	0.27	0.24	—	—
JEF	Jefferies	Multi-Sector Holdings	0.24	0.28	0.32	0.37
EFC	Ellington Financial, Inc.	Specialized Finance	0.23	0.40	0.42	0.35
CACC	Credit Acceptance	Specialized Finance	0.20	0.32	0.35	0.34
WD	Walker & Dunlop, Inc.	Commercial & Residential Mortgage Finance	0.19	0.40	0.42	0.41
EQH	Equitable Holdings	Diversified Financial Services	0.17	0.29	0.34	0.41
TOST	Toast, Inc.	Transaction & Payment Processing Services	0.15	0.28	0.35	—
XYZ	Block Inc. (Square)	Transaction & Payment Processing Services	0.13	0.26	0.34	0.37
FISV	Fiserv	Transaction & Payment Processing Services	0.13	0.13	0.20	0.29
FOUR	Shift4	Transaction & Payment Processing Services	0.12	0.20	0.30	0.29
ACT	Enact Holdings, Inc.	Commercial & Residential Mortgage Finance	0.12	0.22	0.22	—
VOYA	Voya Financial	Multi-Sector Holdings	0.11	0.25	0.28	0.32
CPAY	Corpay	Transaction & Payment Processing Services	0.11	0.20	0.31	0.33
GPN	Global Payments	Transaction & Payment Processing Services	0.10	0.26	0.28	0.35
PYPL	PayPal Holdings	Transaction & Payment Processing Services	0.10	0.22	0.29	0.33
EEFT	Euronet Worldwide	Transaction & Payment Processing Services	0.09	0.31	0.30	0.36
PAYO	Payoneer Global Inc.	Transaction & Payment Processing Services	0.09	0.17	0.25	—
NMIH	NMI Holdings, Inc.	Commercial & Residential Mortgage Finance	0.09	0.25	0.25	0.28
WEX	WEX Inc.	Transaction & Payment Processing Services	0.09	0.22	0.30	0.37
SEZL	Sezzle	Transaction & Payment Processing Services	0.08	0.07	—	—
RELY	Remitly	Transaction & Payment Processing Services	0.07	0.07	0.20	—
EVTC	EVERTEC, Inc.	Transaction & Payment Processing Services	0.04	0.20	0.25	0.31
WU	Western Union	Transaction & Payment Processing Services	0.03	0.20	0.22	0.26
FIS	Fidelity National Info	Transaction & Payment Processing Services	0.03	0.24	0.23	0.30
ESNT	Essent Group Ltd.	Commercial & Residential Mortgage Finance	0.01	0.25	0.31	0.33
MA	Mastercard Inc.	Transaction & Payment Processing Services	-0.05	0.12	0.24	0.32
V	Visa Inc.	Transaction & Payment Processing Services	-0.05	0.11	0.20	0.30
JKHY	Jack Henry & Associates	Transaction & Payment Processing Services	-0.06	0.18	0.24	0.25

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	0.36	0.41	0.40	0.42
KBWB	Invesco KBW Bank ETF	Large Banks	INDUSTRY	0.36	0.38	0.37	0.39
KRE	SPDR S&P Regional Banking ETF	Regional Banks	SUB-IND	0.35	0.40	0.39	0.41
IYF	iShares US Financials ETF	Financials Sector	SECTOR	0.34	0.36	0.39	0.45
ARKF	ARK Fintech Innovation ETF	FinTech (Active)	SUB-IND	0.31	0.32	0.42	0.47
FINX	Global X FinTech ETF	FinTech	SUB-IND	0.31	0.37	0.46	0.50
IAI	iShares Broker-Dealers & Exchanges	Capital Markets	INDUSTRY	0.30	0.32	0.37	0.41
VFH	Vanguard Financials ETF	Financials Sector	SECTOR	0.29	0.35	0.39	0.43
XLF	Financial Select Sector SPDR	Financials Sector	SECTOR	0.27	0.32	0.36	0.40
IPAY	ETFMG Prime Mobile Payments	Payments	SUB-IND	0.23	0.35	0.43	0.49
KIE	SPDR S&P Insurance ETF	Insurance	INDUSTRY	0.07	0.23	0.31	0.41
IAK	iShares US Insurance ETF	Insurance	INDUSTRY	0.05	0.18	0.24	0.37

NEXT STEPS

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Replacement research for HASI's peers

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