Tax-loss harvesting alternatives for HSTM

Among the 6 Health Care Technology peers screened, WAY (Waystar Holding Corp) has tracked HSTM most closely over the past year, with a return correlation of 0.38. The strongest fund stand-in is IHI (iShares Medical Devices ETF) at 0.31 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
WAY	Waystar Holding Corp	Health Care Technology	0.38	0.33	—	—
VEEV	Veeva Systems	Health Care Technology	0.34	0.25	0.27	0.25
DOCS	Doximity	Health Care Technology	0.31	0.24	0.23	—
CERT	Certara, Inc.	Health Care Technology	0.27	0.31	0.31	—
SOLV	Solventum	Health Care Technology	0.27	0.23	—	—
OMCL	Omnicell	Health Care Technology	0.23	0.22	0.22	0.28

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	0.31	0.29	0.33	0.34
XHE	SPDR S&P Health Care Equipment	Medical Devices (Equal Wt)	SUB-IND	0.31	0.32	0.36	0.38
FHLC	Fidelity MSCI Health Care ETF	Health Care Sector	SECTOR	0.19	0.30	0.35	0.37
VHT	Vanguard Health Care ETF	Health Care Sector	SECTOR	0.19	0.29	0.35	0.38
XLV	Health Care Select Sector SPDR	Health Care Sector	SECTOR	0.18	0.27	0.32	0.35
IYH	iShares US Healthcare ETF	Health Care Sector	SECTOR	0.18	0.28	0.33	0.36
IHF	iShares Health Care Providers	Health Care Providers	INDUSTRY	0.17	0.23	0.30	0.36
PPH	VanEck Pharma ETF	Pharmaceuticals	INDUSTRY	0.11	0.21	0.27	0.34
IHE	iShares US Pharmaceuticals ETF	Pharmaceuticals	INDUSTRY	0.08	0.23	0.28	0.34
XPH	SPDR S&P Pharmaceuticals	Pharmaceuticals (Equal Wt)	INDUSTRY	0.05	0.26	0.32	0.37
IBB	iShares Biotechnology ETF	Biotechnology	INDUSTRY	0.05	0.26	0.30	0.34
XBI	SPDR S&P Biotech ETF	Biotechnology (Equal Wt)	INDUSTRY	0.01	0.24	0.28	0.32

NEXT STEPS

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Replacement research for HSTM's peers

WAY VEEV DOCS CERT SOLV OMCL

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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.