Tax-loss harvesting alternatives for STEP

Among the 24 Asset Management & Custody Banks peers screened, KKR (KKR & Co.) has tracked STEP most closely over the past year, with a return correlation of 0.75. The strongest fund stand-in is IAI (iShares Broker-Dealers & Exchanges) at 0.57 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
KKR	KKR & Co.	Asset Management & Custody Banks	0.75	0.72	0.70	—
HLNE	Hamilton Lane	Asset Management & Custody Banks	0.73	0.73	0.74	—
ARES	Ares Management	Asset Management & Custody Banks	0.72	0.69	0.69	—
CG	Carlyle Group (The)	Asset Management & Custody Banks	0.70	0.69	0.68	—
BX	Blackstone Inc.	Asset Management & Custody Banks	0.69	0.67	0.66	—
APO	Apollo Global Management	Asset Management & Custody Banks	0.66	0.66	0.66	—
IVZ	Invesco Ltd.	Asset Management & Custody Banks	0.57	0.60	0.60	—
BLK	BlackRock Inc.	Asset Management & Custody Banks	0.54	0.57	0.59	—
APAM	Artisan Partners Asset Management, Inc.	Asset Management & Custody Banks	0.54	0.55	0.58	—
CRBG	Corebridge Financial	Asset Management & Custody Banks	0.53	0.54	0.53	—
AMP	Ameriprise Financial	Asset Management & Custody Banks	0.50	0.59	0.59	—
BEN	Franklin Templeton	Asset Management & Custody Banks	0.47	0.49	0.54	—
SEIC	SEI Investments Company	Asset Management & Custody Banks	0.45	0.54	0.58	—
VCTR	Victory Capital Holdings, Inc.	Asset Management & Custody Banks	0.45	0.56	0.57	—
AAMI	Acadian Asset Management Inc.	Asset Management & Custody Banks	0.44	0.48	0.52	—
TROW	T. Rowe Price	Asset Management & Custody Banks	0.43	0.51	0.57	—
AMG	Affiliated Managers Group	Asset Management & Custody Banks	0.42	0.55	0.58	—
FHI	Federated Hermes	Asset Management & Custody Banks	0.42	0.46	0.44	—
NTRS	Northern Trust	Asset Management & Custody Banks	0.40	0.47	0.50	—
VRTS	Virtus Investment Partners, Inc.	Asset Management & Custody Banks	0.40	0.51	0.58	—
WT	WisdomTree Investments, Inc.	Asset Management & Custody Banks	0.39	0.47	0.47	—
STT	State Street Corp.	Asset Management & Custody Banks	0.38	0.50	0.51	—
CNS	Cohen & Steers, Inc.	Asset Management & Custody Banks	0.37	0.44	0.51	—
BNY	BNY Mellon	Asset Management & Custody Banks	0.37	0.46	0.50	—

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
IAI	iShares Broker-Dealers & Exchanges	Capital Markets	INDUSTRY	0.57	0.65	0.66	—
VFH	Vanguard Financials ETF	Financials Sector	SECTOR	0.56	0.63	0.64	—
IYF	iShares US Financials ETF	Financials Sector	SECTOR	0.55	0.63	0.64	—
FINX	Global X FinTech ETF	FinTech	SUB-IND	0.53	0.61	0.64	—
XLF	Financial Select Sector SPDR	Financials Sector	SECTOR	0.53	0.60	0.61	—
IPAY	ETFMG Prime Mobile Payments	Payments	SUB-IND	0.52	0.62	0.65	—
ARKF	ARK Fintech Innovation ETF	FinTech (Active)	SUB-IND	0.48	0.57	0.60	—
KBWB	Invesco KBW Bank ETF	Large Banks	INDUSTRY	0.46	0.58	0.59	—
KBE	SPDR S&P Bank ETF	Banks	INDUSTRY	0.40	0.55	0.57	—
KRE	SPDR S&P Regional Banking ETF	Regional Banks	SUB-IND	0.36	0.52	0.54	—
KIE	SPDR S&P Insurance ETF	Insurance	INDUSTRY	0.25	0.39	0.47	—
IAK	iShares US Insurance ETF	Insurance	INDUSTRY	0.15	0.30	0.39	—

NEXT STEPS

Harvesting a loss in STEP?

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Replacement research for STEP's peers

KKR HLNE ARES CG BX APO IVZ BLK APAM CRBG AMP BEN SEIC VCTR AAMI TROW AMG FHI NTRS VRTS WT STT CNS BNY

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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.