Tax-loss harvesting alternatives for PAYC

Among the 9 Human Resource & Employment Services peers screened, PCTY (Paylocity) has tracked PAYC most closely over the past year, with a return correlation of 0.72. The strongest fund stand-in is XTN (SPDR S&P Transportation ETF) at 0.08 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
PCTY	Paylocity	Human Resource & Employment Services	0.72	0.64	0.72	0.75
PAYX	Paychex Inc.	Human Resource & Employment Services	0.67	0.52	0.55	0.53
ADP	Automatic Data Processing	Human Resource & Employment Services	0.66	0.55	0.55	0.53
FA	First Advantage Corporation	Human Resource & Employment Services	0.54	0.40	0.42	—
NSP	Insperity	Human Resource & Employment Services	0.43	0.34	0.36	0.40
KFY	Korn/Ferry International	Human Resource & Employment Services	0.42	0.32	0.37	0.39
MAN	ManpowerGroup	Human Resource & Employment Services	0.41	0.31	0.35	0.35
RHI	Robert Half	Human Resource & Employment Services	0.38	0.33	0.37	0.38
UPWK	Upwork, Inc.	Human Resource & Employment Services	0.34	0.29	0.40	0.33

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	0.08	0.26	0.41	0.45
IYT	iShares Transportation Average	Transportation	INDUSTRY	0.06	0.25	0.39	0.44
JETS	US Global Jets ETF	Airlines	SUB-IND	0.01	0.22	0.33	0.38
BOTZ	Global X Robotics & AI	Robotics & AI	SECTOR	-0.06	0.17	0.41	0.48
IYJ	iShares US Industrials ETF	Industrials Sector	SECTOR	-0.06	0.25	0.43	0.52
XAR	SPDR S&P Aerospace & Defense	Aerospace & Defense (Equal Wt)	INDUSTRY	-0.08	0.12	0.30	0.42
PPA	Invesco Aerospace & Defense ETF	Aerospace & Defense	INDUSTRY	-0.08	0.15	0.30	0.43
ITA	iShares Aerospace & Defense ETF	Aerospace & Defense	INDUSTRY	-0.10	0.12	0.27	0.41
VIS	Vanguard Industrials ETF	Industrials Sector	SECTOR	-0.16	0.20	0.37	0.46
FIDU	Fidelity MSCI Industrials ETF	Industrials Sector	SECTOR	-0.17	0.20	0.37	0.46
XLI	Industrial Select Sector SPDR	Industrials Sector	SECTOR	-0.17	0.20	0.36	0.45
PAVE	Global X US Infrastructure	Infrastructure	SECTOR	-0.21	0.16	0.34	0.43

NEXT STEPS

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Replacement research for PAYC's peers

PCTY PAYX ADP FA NSP KFY MAN RHI UPWK

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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.