Tax-loss harvesting alternatives for HWM

Among the 25 Aerospace & Defense peers screened, CW (Curtiss-Wright) has tracked HWM most closely over the past year, with a return correlation of 0.70. The strongest fund stand-in is ITA (iShares Aerospace & Defense ETF) at 0.77 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
CW	Curtiss-Wright	Aerospace & Defense	0.70	0.64	0.61	0.64
ATI	ATI Inc.	Aerospace & Defense	0.64	0.60	0.60	0.58
SARO	StandardAero	Aerospace & Defense	0.60	0.57	—	—
BWXT	BWX Technologies	Aerospace & Defense	0.59	0.48	0.47	0.41
HXL	Hexcel	Aerospace & Defense	0.59	0.51	0.63	0.63
VSEC	VSE Corporation	Aerospace & Defense	0.59	0.46	0.47	0.43
AIR	AAR Corp.	Aerospace & Defense	0.59	0.50	0.58	0.56
MOG-A	Moog Inc.	Aerospace & Defense	0.53	0.55	0.56	0.59
RTX	RTX Corp.	Aerospace & Defense	0.52	0.43	0.49	0.60
TXT	Textron	Aerospace & Defense	0.42	0.42	0.53	0.59
BA	Boeing Co.	Aerospace & Defense	0.42	0.43	0.53	0.57
HII	Huntington Ingalls Industries	Aerospace & Defense	0.42	0.24	0.30	0.39
TDG	TransDigm Group	Aerospace & Defense	0.41	0.50	0.61	0.57
LHX	L3Harris Technologies	Aerospace & Defense	0.38	0.31	0.33	0.40
KTOS	Kratos Defense & Security Solutions	Aerospace & Defense	0.34	0.36	0.39	0.39
GD	General Dynamics	Aerospace & Defense	0.33	0.32	0.40	0.51
NOC	Northrop Grumman	Aerospace & Defense	0.31	0.16	0.21	0.31
KRMN	Karman Holdings	Aerospace & Defense	0.30	—	—	—
LMT	Lockheed Martin	Aerospace & Defense	0.29	0.21	0.24	0.37
VVX	V2X, Inc.	Aerospace & Defense	0.23	0.26	0.30	0.32
PSN	Parsons Corporation	Aerospace & Defense	0.21	0.21	0.28	0.36
AVAV	AeroVironment	Aerospace & Defense	0.21	0.23	0.26	0.27
NPK	National Presto Industries, Inc.	Aerospace & Defense	0.20	0.23	0.30	0.31
AXON	Axon Enterprise	Aerospace & Defense	0.17	0.28	0.29	0.28
HONA	Honeywell Aerospace	Aerospace & Defense	—	—	—	—

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
ITA	iShares Aerospace & Defense ETF	Aerospace & Defense	INDUSTRY	0.77	0.72	0.75	0.73
PPA	Invesco Aerospace & Defense ETF	Aerospace & Defense	INDUSTRY	0.71	0.69	0.73	0.71
XAR	SPDR S&P Aerospace & Defense	Aerospace & Defense (Equal Wt)	INDUSTRY	0.67	0.66	0.71	0.71
FIDU	Fidelity MSCI Industrials ETF	Industrials Sector	SECTOR	0.67	0.63	0.68	0.69
XLI	Industrial Select Sector SPDR	Industrials Sector	SECTOR	0.66	0.64	0.69	0.69
VIS	Vanguard Industrials ETF	Industrials Sector	SECTOR	0.66	0.64	0.69	0.70
PAVE	Global X US Infrastructure	Infrastructure	SECTOR	0.60	0.62	0.67	0.69
IYJ	iShares US Industrials ETF	Industrials Sector	SECTOR	0.60	0.61	0.67	0.67
BOTZ	Global X Robotics & AI	Robotics & AI	SECTOR	0.45	0.49	0.54	0.51
JETS	US Global Jets ETF	Airlines	SUB-IND	0.42	0.44	0.55	0.59
IYT	iShares Transportation Average	Transportation	INDUSTRY	0.35	0.42	0.52	0.58
XTN	SPDR S&P Transportation ETF	Transportation	INDUSTRY	0.33	0.42	0.53	0.58

NEXT STEPS

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Replacement research for HWM's peers

CW ATI SARO BWXT HXL VSEC AIR MOG-A RTX TXT BA HII TDG LHX KTOS GD NOC KRMN LMT VVX PSN AVAV NPK AXON HONA

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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.