Tax-loss harvesting alternatives for WTW

Among the 7 Insurance Brokers peers screened, AJG (Arthur J. Gallagher & Co.) has tracked WTW most closely over the past year, with a return correlation of 0.71. The strongest fund stand-in is KIE (SPDR S&P Insurance ETF) at 0.59 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
AJG	Arthur J. Gallagher & Co.	Insurance Brokers	0.71	0.65	0.66	0.69
AON	Aon plc	Insurance Brokers	0.68	0.61	0.64	0.69
MRSH	Marsh McLennan	Insurance Brokers	0.67	0.61	0.65	0.69
BRO	Brown & Brown	Insurance Brokers	0.65	0.60	0.61	0.64
RYAN	Ryan Specialty	Insurance Brokers	0.50	0.46	0.43	—
GSHD	Goosehead Insurance, Inc.	Insurance Brokers	0.48	0.41	0.39	0.31
ERIE	Erie Indemnity	Insurance Brokers	0.42	0.40	0.39	0.36

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	0.59	0.58	0.61	0.63
IAK	iShares US Insurance ETF	Insurance	INDUSTRY	0.47	0.51	0.55	0.59
XLF	Financial Select Sector SPDR	Financials Sector	SECTOR	0.42	0.42	0.52	0.56
VFH	Vanguard Financials ETF	Financials Sector	SECTOR	0.40	0.40	0.50	0.56
IYF	iShares US Financials ETF	Financials Sector	SECTOR	0.37	0.39	0.50	0.57
KBE	SPDR S&P Bank ETF	Banks	INDUSTRY	0.26	0.25	0.35	0.43
IPAY	ETFMG Prime Mobile Payments	Payments	SUB-IND	0.25	0.26	0.39	0.49
KRE	SPDR S&P Regional Banking ETF	Regional Banks	SUB-IND	0.24	0.22	0.32	0.40
KBWB	Invesco KBW Bank ETF	Large Banks	INDUSTRY	0.20	0.23	0.36	0.44
IAI	iShares Broker-Dealers & Exchanges	Capital Markets	INDUSTRY	0.16	0.26	0.40	0.50
FINX	Global X FinTech ETF	FinTech	SUB-IND	0.14	0.19	0.34	0.42
ARKF	ARK Fintech Innovation ETF	FinTech (Active)	SUB-IND	0.06	0.11	0.28	0.34

NEXT STEPS

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Replacement research for WTW's peers

AJG AON MRSH BRO RYAN GSHD ERIE

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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.