Tax-loss harvesting alternatives for KALU

Among the 18 Aluminum peers screened, AA (Alcoa) has tracked KALU most closely over the past year, with a return correlation of 0.57. The strongest fund stand-in is PAVE (Global X US Infrastructure) at 0.60 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
AA	Alcoa	Aluminum	0.57	0.58	0.59	0.61
MTRN	Materion Corp.	Diversified Metals & Mining	0.51	0.50	0.49	0.51
CMC	Commercial Metals	Steel	0.51	0.54	0.55	0.58
WS	Worthington Steel	Steel	0.50	0.44	—	—
STLD	Steel Dynamics	Steel	0.50	0.52	0.53	0.57
MTUS	Metallus Inc	Steel	0.49	0.54	0.55	0.51
NUE	Nucor Corp.	Steel	0.47	0.50	0.50	0.57
CENX	Century Aluminum Company	Aluminum	0.47	0.51	0.55	0.55
RS	Reliance, Inc.	Steel	0.46	0.47	0.52	0.58
FCX	Freeport-McMoRan	Copper	0.44	0.50	0.53	0.55
NEM	Newmont Corp.	Gold	0.40	0.32	0.27	0.21
CLF	Cleveland-Cliffs	Steel	0.39	0.44	0.46	0.50
RGLD	Royal Gold	Gold	0.36	0.31	0.29	0.21
CDE	Coeur Mining	Gold	0.32	0.35	0.34	0.31
HL	Hecla Mining	Silver	0.32	0.35	0.35	0.32
MP	MP Materials	Diversified Metals & Mining	0.30	0.29	0.33	0.32
AMR	Alpha Metallurgical Resources, Inc.	Steel	0.21	0.29	0.33	—
HCC	Warrior Met Coal, Inc.	Steel	0.18	0.27	0.31	0.35

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
PAVE	Global X US Infrastructure	Infrastructure	SECTOR	0.60	0.61	0.62	0.67
XME	SPDR S&P Metals & Mining ETF	Metals & Mining	INDUSTRY	0.58	0.63	0.65	0.69
SLX	VanEck Steel ETF	Steel	SUB-IND	0.57	0.62	0.62	0.66
IYM	iShares US Basic Materials ETF	Materials Sector	SECTOR	0.56	0.59	0.63	0.65
VAW	Vanguard Materials ETF	Materials Sector	SECTOR	0.52	0.59	0.63	0.66
FMAT	Fidelity MSCI Materials ETF	Materials Sector	SECTOR	0.52	0.59	0.63	0.66
COPX	Global X Copper Miners ETF	Copper Miners	SUB-IND	0.47	0.50	0.52	0.55
XLB	Materials Select Sector SPDR	Materials Sector	SECTOR	0.45	0.54	0.59	0.62
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	0.45	0.51	0.52	0.56
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	0.45	0.51	0.52	0.56
RING	iShares MSCI Global Gold Miners	Gold Miners	SUB-IND	0.36	0.32	0.29	0.21
GDX	VanEck Gold Miners ETF	Gold Miners	SUB-IND	0.36	0.32	0.30	0.20

NEXT STEPS

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Replacement research for KALU's peers

AA MTRN CMC WS STLD MTUS NUE CENX RS FCX NEM CLF RGLD CDE HL MP AMR HCC

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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.