Tax-loss harvesting alternatives for JEF

Among the 28 Multi-Sector Holdings peers screened, VOYA (Voya Financial) has tracked JEF most closely over the past year, with a return correlation of 0.48. The strongest fund stand-in is KBWB (Invesco KBW Bank ETF) at 0.64 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
VOYA	Voya Financial	Multi-Sector Holdings	0.48	0.58	0.60	0.65
EQH	Equitable Holdings	Diversified Financial Services	0.44	0.62	0.66	0.69
PAYO	Payoneer Global Inc.	Transaction & Payment Processing Services	0.35	0.37	0.33	—
WD	Walker & Dunlop, Inc.	Commercial & Residential Mortgage Finance	0.34	0.47	0.51	0.52
CPAY	Corpay	Transaction & Payment Processing Services	0.34	0.51	0.52	0.52
GPN	Global Payments	Transaction & Payment Processing Services	0.33	0.44	0.48	0.50
CACC	Credit Acceptance	Specialized Finance	0.32	0.42	0.43	0.43
XYZ	Block Inc. (Square)	Transaction & Payment Processing Services	0.28	0.41	0.45	0.39
FOUR	Shift4	Transaction & Payment Processing Services	0.26	0.36	0.39	0.34
SEZL	Sezzle	Transaction & Payment Processing Services	0.25	0.29	0.25	—
HASI	Hannon Armstrong Sustainable Infrastructure Capital, Inc.	Specialized Finance	0.25	0.29	0.32	0.37
NATL	NCR Atleos	Transaction & Payment Processing Services	0.25	0.36	—	—
EFC	Ellington Financial, Inc.	Specialized Finance	0.25	0.36	0.41	0.34
RELY	Remitly	Transaction & Payment Processing Services	0.23	0.24	0.26	—
PYPL	PayPal Holdings	Transaction & Payment Processing Services	0.23	0.37	0.41	0.38
EEFT	Euronet Worldwide	Transaction & Payment Processing Services	0.21	0.39	0.44	0.47
TOST	Toast, Inc.	Transaction & Payment Processing Services	0.21	0.38	0.37	—
FISV	Fiserv	Transaction & Payment Processing Services	0.20	0.26	0.34	0.40
MA	Mastercard Inc.	Transaction & Payment Processing Services	0.18	0.34	0.42	0.48
WEX	WEX Inc.	Transaction & Payment Processing Services	0.17	0.38	0.42	0.52
V	Visa Inc.	Transaction & Payment Processing Services	0.17	0.32	0.40	0.47
FIS	Fidelity National Info	Transaction & Payment Processing Services	0.16	0.27	0.35	0.42
EVTC	EVERTEC, Inc.	Transaction & Payment Processing Services	0.15	0.30	0.37	0.41
NMIH	NMI Holdings, Inc.	Commercial & Residential Mortgage Finance	0.12	0.38	0.46	0.46
ACT	Enact Holdings, Inc.	Commercial & Residential Mortgage Finance	0.12	0.31	0.38	—
WU	Western Union	Transaction & Payment Processing Services	0.09	0.22	0.30	0.39
ESNT	Essent Group Ltd.	Commercial & Residential Mortgage Finance	0.08	0.35	0.47	0.47
JKHY	Jack Henry & Associates	Transaction & Payment Processing Services	0.02	0.11	0.22	0.29

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
KBWB	Invesco KBW Bank ETF	Large Banks	INDUSTRY	0.64	0.74	0.74	0.75
IAI	iShares Broker-Dealers & Exchanges	Capital Markets	INDUSTRY	0.63	0.73	0.75	0.75
IYF	iShares US Financials ETF	Financials Sector	SECTOR	0.61	0.73	0.74	0.76
VFH	Vanguard Financials ETF	Financials Sector	SECTOR	0.60	0.72	0.74	0.77
XLF	Financial Select Sector SPDR	Financials Sector	SECTOR	0.57	0.69	0.72	0.75
KBE	SPDR S&P Bank ETF	Banks	INDUSTRY	0.53	0.67	0.69	0.73
KRE	SPDR S&P Regional Banking ETF	Regional Banks	SUB-IND	0.50	0.64	0.66	0.71
FINX	Global X FinTech ETF	FinTech	SUB-IND	0.43	0.58	0.59	0.57
IPAY	ETFMG Prime Mobile Payments	Payments	SUB-IND	0.42	0.60	0.63	0.63
ARKF	ARK Fintech Innovation ETF	FinTech (Active)	SUB-IND	0.39	0.55	0.54	0.51
KIE	SPDR S&P Insurance ETF	Insurance	INDUSTRY	0.17	0.43	0.54	0.66
IAK	iShares US Insurance ETF	Insurance	INDUSTRY	0.09	0.35	0.48	0.63

NEXT STEPS

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Replacement research for JEF's peers

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