Tax-loss harvesting alternatives for RYAN

Among the 7 Insurance Brokers peers screened, BRO (Brown & Brown) has tracked RYAN most closely over the past year, with a return correlation of 0.69. The strongest fund stand-in is KIE (SPDR S&P Insurance ETF) at 0.65 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
BRO	Brown & Brown	Insurance Brokers	0.69	0.64	0.59	—
AON	Aon plc	Insurance Brokers	0.61	0.56	0.52	—
MRSH	Marsh McLennan	Insurance Brokers	0.59	0.56	0.53	—
AJG	Arthur J. Gallagher & Co.	Insurance Brokers	0.59	0.59	0.58	—
WTW	Willis Towers Watson	Insurance Brokers	0.50	0.45	0.42	—
ERIE	Erie Indemnity	Insurance Brokers	0.50	0.42	0.40	—
GSHD	Goosehead Insurance, Inc.	Insurance Brokers	0.49	0.39	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
KIE	SPDR S&P Insurance ETF	Insurance	INDUSTRY	0.65	0.57	0.53	—
IAK	iShares US Insurance ETF	Insurance	INDUSTRY	0.53	0.48	0.45	—
XLF	Financial Select Sector SPDR	Financials Sector	SECTOR	0.35	0.32	0.35	—
VFH	Vanguard Financials ETF	Financials Sector	SECTOR	0.34	0.31	0.35	—
IPAY	ETFMG Prime Mobile Payments	Payments	SUB-IND	0.29	0.28	0.31	—
IYF	iShares US Financials ETF	Financials Sector	SECTOR	0.29	0.29	0.34	—
KBE	SPDR S&P Bank ETF	Banks	INDUSTRY	0.19	0.17	0.24	—
KRE	SPDR S&P Regional Banking ETF	Regional Banks	SUB-IND	0.17	0.15	0.22	—
FINX	Global X FinTech ETF	FinTech	SUB-IND	0.13	0.20	0.27	—
KBWB	Invesco KBW Bank ETF	Large Banks	INDUSTRY	0.11	0.13	0.21	—
IAI	iShares Broker-Dealers & Exchanges	Capital Markets	INDUSTRY	0.07	0.18	0.27	—
ARKF	ARK Fintech Innovation ETF	FinTech (Active)	SUB-IND	0.03	0.13	0.22	—

NEXT STEPS

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Replacement research for RYAN's peers

BRO AON MRSH AJG WTW ERIE GSHD

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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.