Tax-loss harvesting alternatives for PH

Among the 4 Industrial Machinery & Supplies peers screened, IR (Ingersoll Rand) has tracked PH most closely over the past year, with a return correlation of 0.61. The strongest fund stand-in is XLI (Industrial Select Sector SPDR) at 0.68 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
IR	Ingersoll Rand	Industrial Machinery & Supplies	0.61	0.69	0.74	0.70
CMI	Cummins Inc.	Industrial Machinery & Supplies	0.58	0.59	0.63	0.68
DOV	Dover Corp.	Industrial Machinery & Supplies	0.55	0.71	0.74	0.77
ITW	Illinois Tool Works	Industrial Machinery & Supplies	0.54	0.61	0.68	0.75

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
XLI	Industrial Select Sector SPDR	Industrials Sector	SECTOR	0.68	0.79	0.81	0.85
FIDU	Fidelity MSCI Industrials ETF	Industrials Sector	SECTOR	0.67	0.78	0.81	0.85
PAVE	Global X US Infrastructure	Infrastructure	SECTOR	0.67	0.80	0.82	0.85
VIS	Vanguard Industrials ETF	Industrials Sector	SECTOR	0.66	0.78	0.81	0.85
IYJ	iShares US Industrials ETF	Industrials Sector	SECTOR	0.66	0.78	0.80	0.83
ITA	iShares Aerospace & Defense ETF	Aerospace & Defense	INDUSTRY	0.50	0.58	0.62	0.72
PPA	Invesco Aerospace & Defense ETF	Aerospace & Defense	INDUSTRY	0.49	0.63	0.66	0.74
IYT	iShares Transportation Average	Transportation	INDUSTRY	0.48	0.64	0.68	0.75
XAR	SPDR S&P Aerospace & Defense	Aerospace & Defense (Equal Wt)	INDUSTRY	0.46	0.57	0.62	0.71
XTN	SPDR S&P Transportation ETF	Transportation	INDUSTRY	0.44	0.62	0.67	0.73
JETS	US Global Jets ETF	Airlines	SUB-IND	0.42	0.59	0.60	0.65
BOTZ	Global X Robotics & AI	Robotics & AI	SECTOR	0.35	0.56	0.61	0.64

NEXT STEPS

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Replacement research for PH's peers

IR CMI DOV ITW

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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.