Tax-loss harvesting alternatives for HQY

Among the 6 Managed Health Care peers screened, CI (Cigna Group) has tracked HQY most closely over the past year, with a return correlation of 0.16. The strongest fund stand-in is IHI (iShares Medical Devices ETF) at 0.41 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
CI	Cigna Group	Managed Health Care	0.16	0.14	0.18	0.33
UNH	UnitedHealth Group	Managed Health Care	0.13	0.11	0.13	0.29
CNC	Centene Corp.	Managed Health Care	0.12	0.09	0.12	0.27
HUM	Humana Inc.	Managed Health Care	0.12	0.16	0.16	0.29
ELV	Elevance Health	Managed Health Care	0.10	0.14	0.16	0.32
MOH	Molina Healthcare	Managed Health Care	0.03	0.07	0.10	0.23

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
IHI	iShares Medical Devices ETF	Medical Devices	SUB-IND	0.41	0.29	0.23	0.38
XHS	SPDR S&P Health Care Services	Health Care Services	INDUSTRY	0.36	0.34	0.33	0.50
VHT	Vanguard Health Care ETF	Health Care Sector	SECTOR	0.32	0.26	0.24	0.41
FHLC	Fidelity MSCI Health Care ETF	Health Care Sector	SECTOR	0.32	0.26	0.23	0.40
IYH	iShares US Healthcare ETF	Health Care Sector	SECTOR	0.30	0.24	0.22	0.39
XLV	Health Care Select Sector SPDR	Health Care Sector	SECTOR	0.30	0.24	0.21	0.38
IHF	iShares Health Care Providers	Health Care Providers	INDUSTRY	0.24	0.25	0.26	0.45
PPH	VanEck Pharma ETF	Pharmaceuticals	INDUSTRY	0.23	0.17	0.19	0.35
XPH	SPDR S&P Pharmaceuticals	Pharmaceuticals (Equal Wt)	INDUSTRY	0.21	0.22	0.24	0.39
IHE	iShares US Pharmaceuticals ETF	Pharmaceuticals	INDUSTRY	0.21	0.19	0.18	0.35
IBB	iShares Biotechnology ETF	Biotechnology	INDUSTRY	0.19	0.20	0.19	0.34
XBI	SPDR S&P Biotech ETF	Biotechnology (Equal Wt)	INDUSTRY	0.14	0.18	0.20	0.35

NEXT STEPS

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Replacement research for HQY's peers

CI UNH CNC HUM ELV MOH

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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.