Tax-loss harvesting alternatives for MMS

Among the 6 Data Processing & Outsourced Services peers screened, EXLS (EXL Service) has tracked MMS most closely over the past year, with a return correlation of 0.41. The strongest fund stand-in is XTN (SPDR S&P Transportation ETF) at 0.21 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
EXLS	EXL Service	Data Processing & Outsourced Services	0.41	0.38	0.40	0.46
G	Genpact	Data Processing & Outsourced Services	0.40	0.28	0.34	0.39
CNXC	Concentrix	Data Processing & Outsourced Services	0.37	0.31	0.33	—
BR	Broadridge Financial Solutions	Data Processing & Outsourced Services	0.33	0.33	0.37	0.41
VRRM	Verra Mobility Corporation	Data Processing & Outsourced Services	0.10	0.18	0.22	0.31
MBGL	Mobility Global, Inc.	Data Processing & Outsourced Services	—	—	—	—

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
XTN	SPDR S&P Transportation ETF	Transportation	INDUSTRY	0.21	0.32	0.37	0.45
JETS	US Global Jets ETF	Airlines	SUB-IND	0.20	0.26	0.31	0.34
IYT	iShares Transportation Average	Transportation	INDUSTRY	0.17	0.28	0.35	0.45
IYJ	iShares US Industrials ETF	Industrials Sector	SECTOR	0.10	0.28	0.41	0.49
PPA	Invesco Aerospace & Defense ETF	Aerospace & Defense	INDUSTRY	0.08	0.25	0.36	0.44
ITA	iShares Aerospace & Defense ETF	Aerospace & Defense	INDUSTRY	0.07	0.20	0.31	0.39
XAR	SPDR S&P Aerospace & Defense	Aerospace & Defense (Equal Wt)	INDUSTRY	0.03	0.20	0.32	0.41
VIS	Vanguard Industrials ETF	Industrials Sector	SECTOR	0.00	0.24	0.37	0.47
XLI	Industrial Select Sector SPDR	Industrials Sector	SECTOR	-0.00	0.22	0.36	0.45
FIDU	Fidelity MSCI Industrials ETF	Industrials Sector	SECTOR	-0.01	0.23	0.37	0.46
PAVE	Global X US Infrastructure	Infrastructure	SECTOR	-0.03	0.22	0.35	0.47
BOTZ	Global X Robotics & AI	Robotics & AI	SECTOR	-0.03	0.18	0.29	0.39

NEXT STEPS

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Replacement research for MMS's peers

EXLS G CNXC BR VRRM MBGL

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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.