IWB vs XMAG: Grades, Fees and Holdings Compared

iShares Russell 1000 ETF

IWBANYSE Arca

Large Cap Ex-Mag 7 ETF

XMAGBNasdaq

Overlap

61.6%by weight

Expense ratio

IWB −0.20pt a year

IWB0.15%XMAG0.35%

Avg volume · 30D

IWB 6.9×the volume

IWB491KXMAG70.9K

IWB vs XMAG Performance

Nov 7, 2025 – Nov 9, 2026

+13.3%IWB+16.1%XMAG

Expense ratio: IWB 0.15%, better; XMAG 0.35%
Fund size: IWB $46.6B; XMAG $199M
1Y total return: IWB +13.3%; XMAG +16.1%, better
Yield (12M): IWB 0.93%, better; XMAG 0.45%
Holdings: IWB 1026; XMAG 493
Avg volume (30D): IWB 491K sh, better; XMAG 70.9K sh
NAV per share: IWB $402.52; XMAG $24.84
52W range

ETF.net Grade

Pillar letters and Scores for IWB, XMAG, with each pillar’s weight
Pillar	IWB	XMAG
Cost30% weight	B63Higher	D30
Mission25% weight	A100Higher	A96
Risk15% weight	C52	A74Higher
Tradability15% weight	A96Higher	C40
Holdings10% weight	A75	A81Higher
Durability5% weight	A92Higher	C50

Rank among US Large-Cap funds

How we build Categories ›

Same Category. IWB and XMAG are both graded against the same 29 US Large-Cap funds, so their Grades compare head to head.

US Large-Cap⁠

Category · 29 funds

See all 29 ›

IWB ranks 4th and XMAG 14th of 29 funds in the US Large-Cap Category.

Rank 1ASCHXSchwab U.S. Large-Cap ETFScore 83
Rank 2ABKLCBNY Mellon US Large Cap Core Equity ETFScore 82
Rank 3AEPSWisdomTree U.S. LargeCap FundScore 81
Rank 4AIWBiShares Russell 1000 ETFScore 78
Rank 4AVVVanguard Morningstar Large-Cap ETFScore 78
Rank 14BXLGInvesco S&P 500 Top 50 ETFScore 60
Rank 14BXMAGLarge Cap Ex-Mag 7 ETFScore 60
Rank 17BDSPYTema S&P 500 Historical Weight ETF StrategyScore 58

Our read on each fund

ETF.net Research

IWBAiShares Russell 1000 ETF

XMAGBLarge Cap Ex-Mag 7 ETF

In short

IWB The Russell 1000 in one ticker: US large caps plus the mid-cap tier underneath them. IWB has tracked that index since 2000, making it the veteran of the group, though newer clones now chase the same benchmark for less.

XMAG The large-cap 500 with the seven biggest names cut out. Defiance built XMAG for investors who want broad US exposure without Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla setting the tone.

Stated mandate

IWB The fund seeks to track the Russell 1000 Index and provides broad exposure to U.S. large- and mid-cap stocks.

XMAG The Fund seeks to track, before fees and expenses, the performance of the BITA US 500 ex-Magnificent 7 Index.

Why people hold it

IWB One holding covers the Russell 1000, broad exposure to US large- and mid-cap stocks, so the megacap names and the tier below them arrive together.ishares.com
Trading since May 2000 and still actively traded, which is what keeps bid-ask spreads thin for everyday buyers.
Follows its index very closely, one of the tightest index-following records in its large-cap peer group.
A multi-billion-dollar iShares fund with a quarterly distribution schedule and no exotic structure: a plain 1940 Act ETF.

XMAG Does in one ticker what used to take manual workarounds: roughly 500 large US companies with the Magnificent 7 screened out by index rule.defianceetfs.com
Defiance launched it in 2024 as the first ETF built around S&P 500-style exposure minus the Mag 7, and it remains the recognizable name in that niche.defianceetfs.com
Rules-based plumbing: free-float market-cap weights, quarterly rebalances, and tracking that has stayed close to the index.defianceetfs.com

Worth knowing

IWB At 0.15% a year it sits above the peer median. VONE tracks the same Russell 1000 for 0.06%, and SCHX and VV run large-cap core mandates at 0.03%.
All equity, all US. There are no bonds or overseas names inside to soften a domestic large-cap drawdown.

XMAG At 0.35% a year it runs well above the roughly 0.14% typical of large-cap peers, and cheap core options like SCHX and VV charge 0.03%.
Leaving out the seven largest companies is a real stance: when megacap tech drives the market, this portfolio simply is not in that part of it.defianceetfs.com
A 2024 launch means a short live record, and the asset base is modest next to the index giants it sits beside.

Full IWB profile⁠

Full XMAG profile⁠

IWB vs XMAG Holdings

How IWB and XMAG differ

Overlap by weight

61.6%

Shared holdings make up 98.7% of XMAG and 61.7% of IWB.

Level by level

Holdings482 in both61.6%
Sector11 Sectors77.4%
Countryby domicile99.5%
Asset classStocks100%

Sector

Sector weights in IWB and XMAG, widest gap first
Sector	Gap	IWB	XMAG
Technology	IWB +14.2 points	36.5%	22.3%
Financials	XMAG +6.5 points	12.2%	18.7%
Health Care	XMAG +6.0 points	10.4%	16.4%
Communication	IWB +4.9 points	8.2%	3.3%
Consumer Discretionary	IWB +3.5 points	9.4%	5.9%
Consumer Staples	XMAG +3.2 points	4.8%	8.0%
Industrials	XMAG +3.0 points	8.5%	11.5%
Energy	XMAG +1.6 points	4.0%	5.6%
Utilities	XMAG +1.1 points	2.1%	3.2%
Real Estate	XMAG +0.7 points	2.1%	2.8%
Materials	XMAG +0.7 points	1.8%	2.5%

Country, concentration and asset class

Country by domicile

Country weights in IWB and XMAG, widest gap first
Country	Gap	IWB	XMAG
United States	IWB +0.3 points	99.4%	99.1%
Switzerland	XMAG +0.2 points	0.3%	0.5%
United Kingdom	XMAG +0.1 points	0.1%	0.2%
China	XMAG +0.1 points	0.0%	0.1%
Canada	IWB +0.1 points	0.1%	0.0%
Brazil	IWB +0.1 points	0.1%	0.0%
Peru	XMAG +0.1 points	0.0%	0.1%
Mexico	Same weight	0.1%	0.1%
Other countries (5)	IWB +0.1 points	0.1%	0.0%

Concentration

Weight in the 10 largest Holdings

IWB34.7%
XMAG19.1%

Securities held

IWB1,022
XMAG492

Asset class

IWB: Stocks
XMAG: Stocks

Holdings

Only in IWB540
In both482
Only in XMAG10

Only in IWB

540 securities, 38.2% of IWB by weight

Apple7.28%
NVIDIA6.40%
Microsoft5.79%
Amazon.com Inc3.70%
Alphabet Class A2.44%
Alphabet Class C1.98%
Meta Platforms Class A1.97%
Tesla Inc1.54%
Elevance Health Inc0.14%
Space Exploration Technologies Cor0.12%
Crh Public Limited PLC0.09%
Vivmark Residential0.07%
Honeywell Aerospace Inc0.07%
Vylor0.07%
Ferguson Enterprises0.07%
Block Class A0.07%
Nu Holdings Class A0.06%
Cboe Global Markets0.05%
Arch Capital Group0.05%
Fiserv Inc0.05%
Sunbelt Rentals Holdings Inc0.05%
Restaurants Brands International0.04%
Qnity Electronics0.04%
Us Foods Holding0.03%
United Therapeutics0.03%
Smurfit Westrock PLC0.03%
Tenet Healthcare Corp0.03%
Royal Gold0.03%
Reliance Steel & Aluminum0.03%
Roku Class A0.03%
Brookfield Asset Management Voting0.03%
Guardant Health0.03%
Skyworks Solutions0.03%
Woodward0.03%
Snap On Inc0.03%
Unity Software0.03%
Itt Inc0.03%
Medline Class A0.03%
F50.03%
East West Bancorp0.03%
Ball Corp0.03%
Rb Global0.03%
Exelixis Inc0.03%
Reinsurance Group of America0.03%
Revvity0.03%
Permian Resources Class A0.03%
Ovintiv0.03%
Jones Lang Lasalle0.03%
Fedex Freight Holding Company Inc0.02%
Kimco Realty Reit Corp0.02%

Only in XMAG

10 securities, 1.2% of XMAG by weight

Seagate Technology Holdings PLC0.25%
Elevance Health Inc0.23%
First American Government Obligations Fund 12/01/20310.22%
TE Connectivity PLC0.14%
Block Inc0.11%
Fiserv Inc0.08%
Credicorp Ltd0.06%
Coca-Cola Europacific Partners PLC0.06%
Ball Corp0.04%
Grab Holdings Ltd0.02%

Weight gaps

The 100 widest of 482 Holdings in both funds.

Holding weights in IWB and XMAG, widest gap first
Holding	Gap	IWB	XMAG
Eli LillyLLY	XMAG +1.18 points	1.59%	2.77%
JPMorgan Chase & CoJPM	XMAG +0.83 points	1.31%	2.14%
Micron TechnologyMU	XMAG +0.73 points	1.14%	1.87%
Advanced Micro DevicesAMD	XMAG +0.69 points	1.07%	1.76%
Visa Class AV	XMAG +0.69 points	1.05%	1.74%
Exxonmobil Holdings CorpXOM	XMAG +0.64 points	1.00%	1.64%
Johnson & JohnsonJNJ	XMAG +0.64 points	0.98%	1.62%
WalmartWMT	XMAG +0.53 points	0.81%	1.34%
AbbVieABBV	XMAG +0.49 points	0.76%	1.25%
Coca-ColaKO	XMAG +0.45 points	0.55%	1.00%
Costco Wholesale CorpCOST	XMAG +0.44 points	0.69%	1.13%
ChevronCVX	XMAG +0.44 points	0.58%	1.02%
Mastercard Class AMA	XMAG +0.43 points	0.78%	1.21%
Berkshire Hathaway Inc Class BBRK.B	XMAG +0.37 points	1.56%	1.93%
Bank of AmericaBAC	XMAG +0.37 points	0.47%	0.84%
Procter & GamblePG	XMAG +0.35 points	0.57%	0.92%
Cisco Systems IncCSCO	XMAG +0.34 points	0.55%	0.89%
UnitedHealth GroupUNH	XMAG +0.34 points	0.52%	0.86%
Merck & Co IncMRK	XMAG +0.34 points	0.53%	0.87%
Ge AerospaceGE	XMAG +0.32 points	0.49%	0.81%
Home DepotHD	XMAG +0.32 points	0.50%	0.82%
Philip Morris InternationalPM	XMAG +0.29 points	0.45%	0.74%
American ExpressAXP	XMAG +0.28 points	0.25%	0.53%
NetflixNFLX	XMAG +0.25 points	0.39%	0.64%
Broadcom IncAVGO	XMAG +0.25 points	2.01%	2.26%
Texas InstrumentTXN	XMAG +0.25 points	0.37%	0.62%
Caterpillar IncCAT	XMAG +0.25 points	0.37%	0.62%
Applied Material IncAMAT	XMAG +0.24 points	0.39%	0.63%
Wells FargoWFC	XMAG +0.25 points	0.37%	0.62%
RtxRTX	XMAG +0.24 points	0.38%	0.62%
Palo Alto NetworksPANW	XMAG +0.24 points	0.37%	0.61%
Goldman Sachs GroupGS	XMAG +0.23 points	0.37%	0.60%
Thermo Fisher ScientificTMO	XMAG +0.24 points	0.38%	0.62%
Intel CorporationINTC	XMAG +0.23 points	0.38%	0.61%
Lam ResearchLRCX	XMAG +0.23 points	0.37%	0.60%
Amgen IncAMGN	XMAG +0.23 points	0.37%	0.60%
Linde PLCLIN	XMAG +0.22 points	0.35%	0.57%
Morgan StanleyMS	XMAG +0.22 points	0.30%	0.52%
International Business Machines CoIBM	XMAG +0.22 points	0.34%	0.56%
CitigroupC	XMAG +0.20 points	0.29%	0.49%
Ge VernovaGEV	XMAG +0.19 points	0.31%	0.50%
Gilead SciencesGILD	XMAG +0.18 points	0.31%	0.49%
Walt DisneyDIS	XMAG +0.18 points	0.30%	0.48%
PepsicoPEP	XMAG +0.18 points	0.28%	0.46%
Mcdonalds CorpMCD	XMAG +0.18 points	0.29%	0.47%
OracleORCL	XMAG +0.18 points	0.30%	0.48%
Crowdstrike Holdings Class ACRWD	XMAG +0.18 points	0.32%	0.50%
Palantir Technologies Class APLTR	XMAG +0.18 points	0.52%	0.70%
Verizon Communications IncVZ	XMAG +0.18 points	0.28%	0.46%
Abbott LaboratoriesABT	XMAG +0.17 points	0.28%	0.45%
Amphenol Corp Class AAPH	XMAG +0.17 points	0.27%	0.44%
Nextera EnergyNEE	XMAG +0.17 points	0.27%	0.44%
PfizerPFE	XMAG +0.17 points	0.25%	0.42%
KlaKLAC	XMAG +0.16 points	0.27%	0.43%
DeereDE	XMAG +0.17 points	0.24%	0.41%
Union PacificUNP	XMAG +0.17 points	0.25%	0.42%
WelltowerWELL	XMAG +0.16 points	0.26%	0.42%
Arista NetworksANET	XMAG +0.16 points	0.26%	0.42%
Analog DevicesADI	XMAG +0.16 points	0.26%	0.42%
Lockheed MartinLMT	XMAG +0.16 points	0.17%	0.33%
QualcommQCOM	XMAG +0.16 points	0.26%	0.42%
SalesforceCRM	XMAG +0.16 points	0.25%	0.41%
ConocophillipsCOP	XMAG +0.16 points	0.24%	0.40%
BlackRockBLK	XMAG +0.16 points	0.26%	0.42%
Accenture PLC Class AACN	XMAG +0.15 points	0.23%	0.39%
ChubbCB	XMAG +0.15 points	0.19%	0.34%
AT&TT	XMAG +0.15 points	0.21%	0.36%
BoeingBA	XMAG +0.15 points	0.19%	0.34%
Intuitive SurgicalISRG	XMAG +0.15 points	0.23%	0.38%
DanaherDHR	XMAG +0.14 points	0.21%	0.35%
Charles SchwabSCHW	XMAG +0.14 points	0.22%	0.36%
TjxTJX	XMAG +0.14 points	0.22%	0.36%
Eaton PLCETN	XMAG +0.13 points	0.20%	0.33%
Medtronic PLCMDT	XMAG +0.13 points	0.18%	0.31%
Altria Group IncMO	XMAG +0.12 points	0.19%	0.31%
S&P GlobalSPGI	XMAG +0.13 points	0.20%	0.33%
Vertex PharmaceuticalsVRTX	XMAG +0.13 points	0.20%	0.33%
NewmontNEM	XMAG +0.12 points	0.19%	0.31%
Mckesson CorpMCK	XMAG +0.12 points	0.18%	0.30%
ProgressivePGR	XMAG +0.11 points	0.20%	0.31%
Bristol Myers SquibbBMY	XMAG +0.12 points	0.19%	0.31%
Capital One Financial CorpCOF	XMAG +0.12 points	0.18%	0.30%
Marvell TechnologyMRVL	XMAG +0.12 points	0.18%	0.30%
Automatic Data Processing IncADP	XMAG +0.11 points	0.18%	0.29%
Lowes Companies IncLOW	XMAG +0.11 points	0.18%	0.30%
StrykerSYK	XMAG +0.11 points	0.17%	0.28%
Booking HoldingsBKNG	XMAG +0.12 points	0.18%	0.30%
Parker-HannifinPH	XMAG +0.11 points	0.17%	0.28%
Prologis ReitPLD	XMAG +0.11 points	0.18%	0.29%
Starbucks CorpSBUX	XMAG +0.11 points	0.18%	0.29%
Applovin Class AAPP	XMAG +0.11 points	0.14%	0.25%
Moodys CorpMCO	XMAG +0.11 points	0.11%	0.22%
ServicenowNOW	XMAG +0.11 points	0.15%	0.26%
Waste Management IncWM	XMAG +0.10 points	0.13%	0.23%
SandiskSNDK	XMAG +0.10 points	0.18%	0.28%
Dell Technologies Inc Class CDELL	XMAG +0.09 points	0.15%	0.24%
SouthernSO	XMAG +0.10 points	0.16%	0.26%
Marathon PetroleumMPC	XMAG +0.10 points	0.16%	0.26%
Valero Energy CorpVLO	XMAG +0.09 points	0.15%	0.24%
Cvs HealthCVS	XMAG +0.10 points	0.16%	0.26%

All 1,023 IWB holdings⁠All 494 XMAG holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IWB vs XMAG Cost

Overpaying XMAG vs IWB

$3,989

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

IWB 0.15%
$3,137
XMAG 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

IWB 0.15%
XMAG 0.35%
Overpaying

Year by year

Year	IWB	XMAG	Overpaying
10	$274	$634	$360
20	$1,071	$2,454	$1,383
30	$3,137	$7,126	$3,989

Expense ratio

0.15%IWB, cheaper
0.35%XMAG

IWB0.15%XMAG0.35%

0.00%1.25%

Middle half of US Large-Cap funds
Median 0.20%

IWB 11th cheapest of 29 funds

XMAG 20th cheapest of 29 funds

IWB vs XMAG Dividends

Last 12 months to Nov 9, 2026

Yield (12M): IWB 0.93%, better; XMAG 0.45%
Payout (12M): IWB $3.81; XMAG $0.12
Last payment: IWB $1.01; XMAG $0.12
Ex-dividend: IWB Sep 15, 2026; XMAG Dec 30, 2025
Paid on: IWB Sep 18, 2026; XMAG Dec 31, 2025
Frequency: IWB Quarterly; XMAG Irregular

Distribution history

Per share, 2017 to 2026, same scale for both

IWBQuarterly · 39 paymentsAll IWB payments⁠

XMAGIrregular · 2 paymentsAll XMAG payments⁠

IWB vs XMAG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IWB 12.5%XMAG 11.8%since Nov 2024
Return per unit of riskSharpe ratio, 3 years: IWB 1.39XMAG 0.92since Nov 2024
Worst fallMax drawdown, 5 years: IWB −25.2%XMAG −16.2%since Oct 2024
Market sensitivityBeta, 5 years: IWB 1.01XMAG 0.80; Market = 1

IWB and XMAG in the news

All news⁠

Category Review
Broad U.S. large-cap funds kept pace with the S&P 500 this year. The top 50 did not.
Updated Oct 16, 2026IWBXMAG

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IWB vs XMAG

In short

Stated mandate

Why people hold it

Worth knowing

How IWB and XMAG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IWB

Only in XMAG

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Broad U.S. large-cap funds kept pace with the S&P 500 this year. The top 50 did not.

How IWB and XMAG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IWB

Only in XMAG

Weight gaps