Tax-loss harvesting alternatives for HL

Among the 18 Silver peers screened, CDE (Coeur Mining) has tracked HL most closely over the past year, with a return correlation of 0.85. The strongest fund stand-in is GDX (VanEck Gold Miners ETF) at 0.84 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
CDE	Coeur Mining	Gold	0.85	0.82	0.82	0.81
NEM	Newmont Corp.	Gold	0.79	0.69	0.66	0.62
RGLD	Royal Gold	Gold	0.78	0.73	0.71	0.65
FCX	Freeport-McMoRan	Copper	0.57	0.54	0.55	0.45
AA	Alcoa	Aluminum	0.43	0.43	0.43	0.38
MP	MP Materials	Diversified Metals & Mining	0.36	0.31	0.33	0.29
MTRN	Materion Corp.	Diversified Metals & Mining	0.35	0.34	0.33	0.29
CENX	Century Aluminum Company	Aluminum	0.34	0.40	0.44	0.35
CLF	Cleveland-Cliffs	Steel	0.34	0.29	0.33	0.31
KALU	Kaiser Aluminum Corporation	Aluminum	0.32	0.35	0.35	0.32
HCC	Warrior Met Coal, Inc.	Steel	0.31	0.30	0.31	0.27
WS	Worthington Steel	Steel	0.25	0.21	—	—
CMC	Commercial Metals	Steel	0.24	0.26	0.30	0.29
AMR	Alpha Metallurgical Resources, Inc.	Steel	0.22	0.22	0.27	—
NUE	Nucor Corp.	Steel	0.12	0.19	0.25	0.24
STLD	Steel Dynamics	Steel	0.12	0.19	0.24	0.25
MTUS	Metallus Inc	Steel	0.11	0.21	0.29	0.25
RS	Reliance, Inc.	Steel	0.08	0.19	0.25	0.27

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
GDX	VanEck Gold Miners ETF	Gold Miners	SUB-IND	0.84	0.80	0.80	0.75
RING	iShares MSCI Global Gold Miners	Gold Miners	SUB-IND	0.83	0.78	0.78	0.74
XME	SPDR S&P Metals & Mining ETF	Metals & Mining	INDUSTRY	0.73	0.68	0.66	0.62
COPX	Global X Copper Miners ETF	Copper Miners	SUB-IND	0.68	0.62	0.61	0.52
IYM	iShares US Basic Materials ETF	Materials Sector	SECTOR	0.66	0.56	0.55	0.45
FMAT	Fidelity MSCI Materials ETF	Materials Sector	SECTOR	0.60	0.52	0.50	0.43
VAW	Vanguard Materials ETF	Materials Sector	SECTOR	0.60	0.52	0.50	0.43
SLX	VanEck Steel ETF	Steel	SUB-IND	0.51	0.45	0.47	0.42
XLB	Materials Select Sector SPDR	Materials Sector	SECTOR	0.49	0.46	0.46	0.39
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	0.41	0.34	0.35	0.32
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	0.40	0.34	0.35	0.32
PAVE	Global X US Infrastructure	Infrastructure	SECTOR	0.38	0.36	0.37	0.35

NEXT STEPS

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Replacement research for HL's peers

CDE NEM RGLD FCX AA MP MTRN CENX CLF KALU HCC WS CMC AMR NUE STLD MTUS RS

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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.