IWL vs SCHX: Grades, Fees and Holdings Compared

iShares Russell Top 200 ETF

IWLANYSE Arca

Schwab U.S. Large-Cap ETF

SCHXANYSE Arca

Overlap

81.5%by weight

Expense ratio

SCHX −0.12pt a year

IWL0.15%SCHX0.03%

Avg volume · 30D

SCHX 217.9×the volume

IWL45.6KSCHX9.93M

10Y return · a year

IWL +0.9pt

IWL+16.2%SCHX+15.3%

IWL vs SCHX Performance

Oct 29, 2021 – Oct 30, 2026

+79.8%IWL+71.6%SCHX

Expense ratio: IWL 0.15%; SCHX 0.03%, better
Fund size: IWL $2.21B; SCHX $73.2B
1Y total return: IWL +10.5%; SCHX +11.5%, better
Yield (12M): IWL 0.85%; SCHX 1.05%, better
Holdings: IWL 204; SCHX 753
Avg volume (30D): IWL 45.6K sh; SCHX 9.93M sh, better
NAV per share: IWL $187.08; SCHX $29.72
52W range

ETF.net Grade

Pillar letters and Scores for IWL, SCHX, with each pillar’s weight
Pillar	IWL	SCHX
Cost30% weight	B63	A91Higher
Mission25% weight	A100Higher	A99
Risk15% weight	D38	C48Higher
Tradability15% weight	A81	A88Higher
Holdings10% weight	D34	A70Higher
Durability5% weight	A82	A89Higher

Rank among US Large-Cap funds

How we build Categories ›

Same Category. IWL and SCHX 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 ›

SCHX ranks 1st and IWL 7th 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 5AVONEVanguard Russell 1000 ETFScore 77
Rank 7AIWLiShares Russell Top 200 ETFScore 69
Rank 8BHDUSHartford Disciplined US Equity ETFScore 67

Our read on each fund

ETF.net Research

IWLAiShares Russell Top 200 ETF

SCHXASchwab U.S. Large-Cap ETF

In short

IWL Most broad U.S. large-cap funds hold many hundreds of stocks. IWL tracks the Russell Top 200, about 200 names, so the market's biggest companies do the heavy lifting. Narrower lens, standard iShares plumbing.

SCHX Schwab's no-frills large-cap core: roughly 800 US big names for three basis points, running since 2009. One of the cheapest tickets in a crowded category, and it hugs its index tightly.

Stated mandate

IWL The fund seeks to track the Russell Top 200 Index and provide broad exposure to U.S. large-cap stocks.

SCHX The fund seeks to track, before fees and expenses, the total return of the Dow Jones U.S. Large-Cap Total Stock Market Index.

Why people hold it

IWL About 200 holdings rather than a full large-cap sweep, so the market's largest companies carry real weight instead of being diluted by hundreds of smaller names.ishares.com
Hugs the Russell Top 200 Index closely. Index-following is among the tightest in its large-cap peer group.
Running since 2009 under BlackRock's iShares roof, a multi-billion-dollar fund that pays quarterly.

SCHX 0.03% a year, well under the typical US large-cap fund's fee. That is the kind of cost floor only the biggest fund shops can hold.
About 800 stocks tracking the Dow Jones U.S. Large-Cap Total Stock Market Index before fees. No themes, no screens, no manager hunches.schwabassetmanagement.com
Tracking has been among the tightest in its peer group: the fund delivers its index with very little slippage.
Live since 2009 and now a multi-billion-dollar fund that trades heavily, so spreads stay thin and the lights are unlikely to go out.

Worth knowing

IWL 0.15% a year is above the large-cap norm. SCHX and VV run 0.03%, so the mega-cap slice costs extra.
Thinly traded next to the household-name large-cap funds, which can mean wider spreads at the moment you trade.
Stopping at the top tier leaves out the mid and smaller companies that Russell 1000 trackers like VONE include.

SCHX Large caps only, despite the index name. Mid and small caps live in a separate fund, so this is one slice of the market, not all of it.
Three basis points is cheap, not free: BKLC in the same peer group runs at zero.
Dividends land quarterly, not monthly, which matters if you're building an income schedule.

Full IWL profile⁠

Full SCHX profile⁠

IWL vs SCHX Holdings

How IWL and SCHX differ

Overlap by weight

81.5%

Shared holdings make up 99.5% of IWL and 81.8% of SCHX.

Level by level

Holdings196 in both81.5%
Sector11 Sectors95.6%
Asset classEquity100%
Countryby domicile99.7%

Sector

Sector weights in IWL and SCHX, widest gap first
Sector	More in IWLMore in SCHX	IWL	SCHX
Technology	IWL +2.7 points	41.5%	38.8%
Communication	IWL +1.2 points	9.7%	8.5%
Real Estate	SCHX +1.0 points	0.9%	1.9%
Industrials	SCHX +0.9 points	7.2%	8.1%
Utilities	SCHX +0.9 points	1.1%	2.0%
Energy	SCHX +0.8 points	3.0%	3.8%
Materials	SCHX +0.7 points	1.3%	2.0%
Consumer Discretionary	IWL +0.2 points	9.1%	8.9%
Health Care	SCHX +0.2 points	9.6%	9.8%
Financials	IWL +0.2 points	11.9%	11.7%
Consumer Staples	Same weight	4.6%	4.6%

Country, concentration and asset class

Country by domicile

Country weights in IWL and SCHX, widest gap first
Country	More in IWLMore in SCHX	IWL	SCHX
United States	IWL +0.2 points	99.7%	99.5%
Switzerland	SCHX +0.1 points	0.2%	0.3%
China	SCHX +0.1 points	0.0%	0.1%
United Kingdom	SCHX +0.1 points	0.0%	0.1%
Brazil	IWL +0.1 points	0.1%	0.0%
Mexico	SCHX +0.1 points	0.0%	0.1%
Canada	Same weight	0.0%	0.0%
Ireland	Same weight	0.0%	0.0%
Sweden	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

IWL42.9%
SCHX35.3%

Securities held

IWL201
SCHX753

Asset class

IWL: Equity
SCHX: Equity

Holdings

Only in IWL5
In both196
Only in SCHX557

Only in IWL

5 securities, 0.3% of IWL by weight

Spotify Technology0.17%
Nu Holdings Class A0.07%
Brookfield Asset Management Voting0.03%
Southern Copper Corp0.03%
Mobility Global Inc<0.01%

Only in SCHX

557 securities, 18.2% of SCHX by weight

Seagate Technology Holdings PLC0.23%
Marathon Petroleum0.17%
Snowflake0.16%
Phillips0.16%
Cloudflare Class A0.14%
Datadog Inc Class A0.13%
Moderna0.12%
Lumentum Holdings0.12%
Hewlett Packard Enterprise0.11%
Royal Caribbean Group0.11%
United Rentals0.11%
Robinhood Markets Class A0.10%
Simon Property Group Reit Inc0.10%
Targa Resources0.10%
Nxp Semiconductors NV0.10%
Kinder Morgan0.09%
Cheniere Energy0.09%
Allstate Corp0.09%
Te Connectivity PLC0.09%
Digital Realty Trust Reit0.09%
Cencora0.09%
Natera0.09%
Nucor0.09%
Oneok0.09%
Fastenal0.09%
Ww Grainger Inc0.08%
Cardinal Health0.08%
Ametek Inc0.08%
Keysight Technologies0.08%
Devon Energy0.08%
Edwards Lifesciences0.08%
Baker Hughes Class A0.08%
Realty Income Reit0.08%
Becton Dickinson0.08%
L3HARRIS Technologies0.07%
Entergy Corp0.07%
Agilent Technologies Inc0.07%
Autodesk0.07%
Humana0.07%
Rockwell Automation Inc0.07%
Fifth Third Bancorp0.07%
Xcel Energy Inc0.07%
Ebay0.07%
PayPal Holdings0.07%
Delta Air Lines0.07%
Vylor0.07%
Ford Motor0.07%
Westinghouse Air Brake Technologie0.07%
Keurig Dr Pepper Inc0.07%
State Street0.07%

Weight gaps

The 100 widest of 196 Holdings in both funds.

Holding weights in IWL and SCHX, widest gap first
Holding	More in IWLMore in SCHX	IWL	SCHX
AppleAAPL	IWL +1.64 points	8.87%	7.23%
MicrosoftMSFT	IWL +1.31 points	6.90%	5.59%
NVIDIANVDA	IWL +1.15 points	8.50%	7.35%
Amazon.com IncAMZN	IWL +0.75 points	4.15%	3.40%
Alphabet Class AGOOGL	IWL +0.53 points	2.90%	2.37%
Tesla IncTSLA	IWL +0.46 points	2.08%	1.62%
Eli LillyLLY	IWL +0.45 points	2.01%	1.56%
Alphabet Class CGOOG	IWL +0.44 points	2.35%	1.91%
Meta Platforms Class AMETA	IWL +0.45 points	2.41%	1.96%
Broadcom IncAVGO	IWL +0.37 points	2.70%	2.33%
Berkshire Hathaway Inc Class BBRK.B	IWL +0.37 points	1.80%	1.43%
JPMorgan Chase & CoJPM	IWL +0.30 points	1.60%	1.30%
Exxonmobil Holdings CorpXOM	IWL +0.30 points	1.37%	1.07%
Micron TechnologyMU	IWL +0.28 points	1.78%	1.50%
Visa Class AV	IWL +0.26 points	1.25%	0.99%
Johnson & JohnsonJNJ	IWL +0.23 points	1.17%	0.94%
AbbVieABBV	IWL +0.20 points	0.93%	0.73%
WalmartWMT	IWL +0.20 points	0.97%	0.77%
Mastercard Class AMA	IWL +0.19 points	0.92%	0.73%
Costco Wholesale CorpCOST	IWL +0.17 points	0.80%	0.63%
Advanced Micro DevicesAMD	IWL +0.15 points	1.46%	1.31%
Merck & Co IncMRK	IWL +0.15 points	0.66%	0.51%
Coca-ColaKO	IWL +0.14 points	0.65%	0.51%
Procter & GamblePG	IWL +0.14 points	0.67%	0.53%
Space Exploration Technologies CorSPCX	SCHX +0.13 points	0.15%	0.28%
UnitedHealth GroupUNH	IWL +0.13 points	0.65%	0.52%
ChevronCVX	IWL +0.13 points	0.78%	0.65%
Cisco Systems IncCSCO	IWL +0.12 points	0.73%	0.61%
Home DepotHD	IWL +0.11 points	0.58%	0.47%
Philip Morris InternationalPM	IWL +0.12 points	0.58%	0.46%
Intel CorporationINTC	SCHX +0.12 points	0.53%	0.65%
Bank of AmericaBAC	IWL +0.11 points	0.58%	0.47%
RtxRTX	IWL +0.10 points	0.48%	0.38%
Amgen IncAMGN	IWL +0.10 points	0.45%	0.35%
Ge AerospaceGE	IWL +0.09 points	0.55%	0.46%
Linde PLCLIN	IWL +0.09 points	0.42%	0.33%
NetflixNFLX	IWL +0.09 points	0.46%	0.37%
Thermo Fisher ScientificTMO	IWL +0.09 points	0.46%	0.37%
Gilead SciencesGILD	IWL +0.09 points	0.38%	0.29%
Palantir Technologies Class APLTR	IWL +0.09 points	0.73%	0.64%
International Business Machines CoIBM	IWL +0.08 points	0.43%	0.35%
Wells FargoWFC	IWL +0.09 points	0.45%	0.36%
Palo Alto NetworksPANW	IWL +0.09 points	0.53%	0.44%
Caterpillar IncCAT	IWL +0.08 points	0.50%	0.42%
Texas InstrumentTXN	IWL +0.08 points	0.49%	0.41%
Lam ResearchLRCX	IWL +0.08 points	0.53%	0.45%
ConocophillipsCOP	IWL +0.07 points	0.33%	0.26%
Goldman Sachs GroupGS	IWL +0.08 points	0.46%	0.38%
Ge VernovaGEV	IWL +0.07 points	0.41%	0.34%
Verizon Communications IncVZ	IWL +0.07 points	0.33%	0.26%
PepsicoPEP	IWL +0.07 points	0.33%	0.26%
Applied Material IncAMAT	IWL +0.07 points	0.55%	0.48%
Walt DisneyDIS	IWL +0.07 points	0.34%	0.27%
BlackRockBLK	IWL +0.07 points	0.31%	0.24%
Abbott LaboratoriesABT	IWL +0.07 points	0.33%	0.26%
Crowdstrike Holdings Class ACRWD	IWL +0.07 points	0.45%	0.38%
Mcdonalds CorpMCD	IWL +0.07 points	0.33%	0.26%
Nextera EnergyNEE	IWL +0.07 points	0.31%	0.24%
Accenture PLC Class AACN	IWL +0.06 points	0.28%	0.22%
PfizerPFE	IWL +0.07 points	0.31%	0.24%
Union PacificUNP	IWL +0.06 points	0.32%	0.26%
CitigroupC	IWL +0.07 points	0.37%	0.30%
WelltowerWELL	IWL +0.06 points	0.30%	0.24%
Analog DevicesADI	IWL +0.06 points	0.36%	0.30%
DeereDE	IWL +0.06 points	0.30%	0.24%
Amphenol Corp Class AAPH	IWL +0.06 points	0.35%	0.29%
Vertex PharmaceuticalsVRTX	IWL +0.06 points	0.25%	0.19%
KlaKLAC	IWL +0.06 points	0.37%	0.31%
OracleORCL	IWL +0.06 points	0.40%	0.34%
American ExpressAXP	IWL +0.06 points	0.30%	0.24%
SalesforceCRM	IWL +0.05 points	0.32%	0.27%
TjxTJX	IWL +0.06 points	0.28%	0.22%
Charles SchwabSCHW	IWL +0.05 points	0.26%	0.20%
ProgressivePGR	IWL +0.05 points	0.24%	0.19%
AT&TT	IWL +0.05 points	0.25%	0.20%
Regeneron PharmaceuticalsREGN	IWL +0.05 points	0.16%	0.11%
DanaherDHR	IWL +0.05 points	0.26%	0.21%
Altria Group IncMO	IWL +0.05 points	0.23%	0.18%
Bristol Myers SquibbBMY	IWL +0.05 points	0.23%	0.18%
Automatic Data Processing IncADP	IWL +0.05 points	0.21%	0.16%
S&P GlobalSPGI	IWL +0.05 points	0.25%	0.20%
Valero Energy CorpVLO	IWL +0.04 points	0.20%	0.16%
ChubbCB	IWL +0.05 points	0.23%	0.18%
Intuitive SurgicalISRG	IWL +0.04 points	0.27%	0.23%
Morgan StanleyMS	IWL +0.05 points	0.37%	0.32%
Mckesson CorpMCK	IWL +0.05 points	0.21%	0.16%
Lockheed MartinLMT	IWL +0.04 points	0.23%	0.19%
Lowes Companies IncLOW	IWL +0.04 points	0.21%	0.17%
Booking HoldingsBKNG	IWL +0.04 points	0.20%	0.16%
Prologis ReitPLD	IWL +0.05 points	0.22%	0.17%
Cme Group Class ACME	IWL +0.04 points	0.19%	0.15%
Cvs HealthCVS	IWL +0.05 points	0.21%	0.16%
Medtronic PLCMDT	IWL +0.04 points	0.21%	0.17%
Arista NetworksANET	IWL +0.04 points	0.31%	0.27%
SouthernSO	IWL +0.04 points	0.19%	0.15%
Eaton PLCETN	IWL +0.04 points	0.26%	0.22%
Starbucks CorpSBUX	IWL +0.04 points	0.21%	0.17%
Illinois Tool IncITW	IWL +0.04 points	0.14%	0.10%
Intercontinental Exchange IncICE	IWL +0.04 points	0.17%	0.13%
MarshMRSH	IWL +0.04 points	0.17%	0.13%

All 201 IWL holdings⁠All 754 SCHX 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.

IWL vs SCHX Cost

Overpaying IWL vs SCHX

$2,499

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

IWL 0.15%
$3,137
SCHX 0.03%
$638

Amount$10,000

Years30 years

Cost over time

IWL 0.15%
SCHX 0.03%
Overpaying

Year by year

Year	IWL	SCHX	Overpaying
10	$274	$55	$219
20	$1,071	$216	$855
30	$3,137	$638	$2,499

Expense ratio

0.15%IWL
0.03%SCHX, cheaper

SCHX0.03%IWL0.15%

0.00%1.25%

Middle half of US Large-Cap funds
Median 0.20%

SCHX 3rd cheapest of 29 funds

IWL 11th cheapest of 29 funds

IWL vs SCHX Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IWL 0.85%; SCHX 1.05%, better
Payout (12M): IWL $1.60; SCHX $0.31
Last payment: IWL $0.42; SCHX $0.08
Ex-dividend: IWL Sep 15, 2026; SCHX Sep 23, 2026
Paid on: IWL Sep 18, 2026; SCHX Sep 28, 2026
Frequency: IWL Quarterly; SCHX Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IWLQuarterly · 39 paymentsAll IWL payments⁠

SCHXQuarterly · 41 paymentsAll SCHX payments⁠

IWL vs SCHX Risk

Fall from peak · 5 years

IWL
SCHX

Risk facts

VolatilityStd dev, 3 years: IWL 12.8%SCHX 12.5%, better
Return per unit of riskSharpe ratio, 3 years: IWL 1.40SCHX 1.40
Worst fallMax drawdown, 5 years: IWL −25.6%SCHX −25.4%, better
Market sensitivityBeta, 5 years: IWL 1.02SCHX 1.01; Market = 1

IWL and SCHX 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, 2026SCHX

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