Tax-loss harvesting alternatives for JPM

Among the 6 Diversified Banks peers screened, BAC (Bank of America) has tracked JPM most closely over the past year, with a return correlation of 0.75. The strongest fund stand-in is KBWB (Invesco KBW Bank ETF) at 0.79 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
BAC	Bank of America	Diversified Banks	0.75	0.76	0.80	0.88
WFC	Wells Fargo	Diversified Banks	0.67	0.74	0.75	0.80
C	Citigroup Inc.	Diversified Banks	0.67	0.73	0.75	0.84
USB	U.S. Bancorp	Diversified Banks	0.63	0.64	0.65	0.78
TFC	Truist Financial	Diversified Banks	0.60	0.66	0.63	0.77
PNC	PNC Financial	Diversified Banks	0.60	0.68	0.70	0.82

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	0.79	0.81	0.81	0.89
IYF	iShares US Financials ETF	Financials Sector	SECTOR	0.79	0.84	0.84	0.88
XLF	Financial Select Sector SPDR	Financials Sector	SECTOR	0.77	0.83	0.84	0.91
VFH	Vanguard Financials ETF	Financials Sector	SECTOR	0.75	0.82	0.83	0.90
IAI	iShares Broker-Dealers & Exchanges	Capital Markets	INDUSTRY	0.61	0.72	0.74	0.81
KBE	SPDR S&P Bank ETF	Banks	INDUSTRY	0.56	0.66	0.68	0.81
KRE	SPDR S&P Regional Banking ETF	Regional Banks	SUB-IND	0.52	0.63	0.64	0.78
IPAY	ETFMG Prime Mobile Payments	Payments	SUB-IND	0.37	0.56	0.57	0.63
FINX	Global X FinTech ETF	FinTech	SUB-IND	0.33	0.50	0.51	0.52
ARKF	ARK Fintech Innovation ETF	FinTech (Active)	SUB-IND	0.32	0.47	0.46	0.44
KIE	SPDR S&P Insurance ETF	Insurance	INDUSTRY	0.29	0.51	0.61	0.76
IAK	iShares US Insurance ETF	Insurance	INDUSTRY	0.24	0.48	0.59	0.75

NEXT STEPS

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Replacement research for JPM's peers

BAC WFC C USB TFC PNC

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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.