Tax-loss harvesting alternatives for SRE

Among the 13 Multi-Utilities peers screened, NI (NiSource) has tracked SRE most closely over the past year, with a return correlation of 0.68. The strongest fund stand-in is VPU (Vanguard Utilities ETF) at 0.76 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
NI	NiSource	Multi-Utilities	0.68	0.59	0.67	0.68
CNP	CenterPoint Energy	Multi-Utilities	0.66	0.52	0.63	0.67
OGE	OGE Energy	Multi-Utilities	0.66	0.63	0.68	0.66
AEE	Ameren	Multi-Utilities	0.65	0.56	0.65	0.66
DTE	DTE Energy	Multi-Utilities	0.64	0.57	0.66	0.68
WEC	WEC Energy Group	Multi-Utilities	0.64	0.56	0.64	0.60
CMS	CMS Energy	Multi-Utilities	0.60	0.52	0.62	0.63
PNW	Pinnacle West Capital	Multi-Utilities	0.59	0.54	0.61	0.64
AVA	Avista Corporation	Multi-Utilities	0.51	0.49	0.52	0.50
ES	Eversource Energy	Multi-Utilities	0.50	0.46	0.57	0.60
MDU	MDU Resources Group, Inc.	Multi-Utilities	0.45	0.41	0.47	0.51
NWE	NorthWestern Energy	Multi-Utilities	0.35	0.44	0.51	0.57
BKH	Black Hills Corporation	Multi-Utilities	0.35	0.46	0.57	0.62

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
VPU	Vanguard Utilities ETF	Utilities Sector	SECTOR	0.76	0.66	0.74	0.76
IDU	iShares US Utilities ETF	Utilities Sector	SECTOR	0.76	0.67	0.74	0.76
XLU	Utilities Select Sector SPDR	Utilities Sector	SECTOR	0.76	0.66	0.73	0.76
FUTY	Fidelity MSCI Utilities ETF	Utilities Sector	SECTOR	0.76	0.66	0.74	0.76
IWM	iShares Russell 2000	Small-Cap	BROAD	0.15	0.33	0.38	0.44
ICLN	iShares Global Clean Energy	Clean Energy	INDUSTRY	0.15	0.18	0.27	0.35
TAN	Invesco Solar ETF	Solar Energy	SUB-IND	0.12	0.14	0.20	0.26
VTI	Vanguard Total Stock Market	Total US Market	BROAD	0.10	0.32	0.38	0.48
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	0.10	0.31	0.39	0.48
IVV	iShares Core S&P 500	S&P 500	BROAD	0.10	0.31	0.39	0.49
QCLN	First Trust NASDAQ Clean Edge	Clean Energy	INDUSTRY	0.10	0.21	0.25	0.30
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	0.09	0.31	0.38	0.49

NEXT STEPS

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Replacement research for SRE's peers

NI CNP OGE AEE DTE WEC CMS PNW AVA ES MDU NWE BKH

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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.