RWLC vs SCHX: Grades, Fees and Holdings Compared

Rayliant NxtGen Multifactor US Equity ETF

RWLCCNYSE Arca

Schwab U.S. Large-Cap ETF

SCHXANYSE Arca

Overlap

42.6%by weight

Expense ratio

SCHX −0.29pt a year

RWLC0.32%SCHX0.03%

Avg volume · 30D

SCHX 1358.7×the volume

RWLC7.31KSCHX9.93M

3Y return · a year

RWLC +2.3pt

RWLC+25.6%SCHX+23.3%

RWLC vs SCHX Performance

Oct 31, 2025 – Oct 30, 2026

+16.0%RWLC+11.5%SCHX

Expense ratio: RWLC 0.32%; SCHX 0.03%, better
Fund size: RWLC $101M; SCHX $73.2B
1Y total return: RWLC +16.0%, better; SCHX +11.5%
Yield (12M): RWLC 12.79%, better; SCHX 1.05%
Holdings: RWLC 107; SCHX 753
Avg volume (30D): RWLC 7.31K sh; SCHX 9.93M sh, better
NAV per share: RWLC $38.70; SCHX $29.72
52W range

ETF.net Grade

Pillar letters and Scores for RWLC, SCHX, with each pillar’s weight
Pillar	RWLC	SCHX
Cost30% weight	D36	A91Higher
Mission25% weight	B63	A99Higher
Risk15% weight	C54Higher	C48
Tradability15% weight	D25	A88Higher
Holdings10% weight	C53	A70Higher
Durability5% weight	C46	A89Higher

Rank among US Large-Cap funds

How we build Categories ›

Same Category. RWLC 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 RWLC 19th 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 19CBLUCBluemonte Large Cap Core ETFScore 46
Rank 19CRWLCRayliant NxtGen Multifactor US Equity ETFScore 46
Rank 21CNBCRNeuberger Berman Core Equity ETFScore 42

Our read on each fund

ETF.net Research

RWLCCRayliant NxtGen Multifactor US Equity ETF

SCHXASchwab U.S. Large-Cap ETF

In short

RWLC A boutique quant shop's swing at US large caps: RWLC follows the FT Wilshire US Large NxtGen Index, a published multifactor rulebook rather than a plain cap-weighted list, and charges the category's middle price to do it.

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

RWLC The Fund seeks long-term capital appreciation.

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

RWLC 0.32% expense ratio, right at the median for US multifactor ETFs. The rules-based tilt costs no more than the typical competitor in the group.
The stock picks come from an outside index provider (the FT Wilshire US Large NxtGen Index), so the selection rules are published rather than left to a manager's mood.
Simple plumbing: a standard 1940 Act US equity fund with one stated goal, long-term capital appreciation, and no structural red flags in the wrapper.
Live since 2021, so there is a multi-year record of the strategy running with real money, not just a backtest of the index.

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

RWLC Small and thinly traded next to the category's giants. Spreads can be wider, which makes limit orders and mid-session trading worth the extra care.
The peer shelf includes broad, deeply cheap alternatives such as VONV, VYM and IUSG at single-digit basis points. You are paying up for the factor rulebook.
Distributions land annually or semiannually, not monthly, so this is a growth-mandate fund rather than an income schedule.

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 RWLC profile⁠

Full SCHX profile⁠

RWLC vs SCHX Holdings

How RWLC and SCHX differ

Overlap by weight

42.6%

Shared holdings make up 98.5% of RWLC and 50.7% of SCHX.

Level by level

Holdings103 in both42.6%
Sector11 Sectors89.9%
Asset classEquity100%
Countryby domicile99.6%

Sector

Sector weights in RWLC and SCHX, widest gap first
Sector	More in RWLCMore in SCHX	RWLC	SCHX
Industrials	SCHX +6.2 points	1.9%	8.1%
Technology	RWLC +3.9 points	42.7%	38.8%
Health Care	RWLC +2.8 points	12.6%	9.8%
Energy	RWLC +2.1 points	5.9%	3.8%
Utilities	SCHX +2.0 points	0.0%	2.0%
Real Estate	SCHX +1.2 points	0.7%	1.9%
Communication	RWLC +0.9 points	9.4%	8.5%
Financials	RWLC +0.5 points	12.2%	11.7%
Consumer Staples	SCHX +0.5 points	4.1%	4.6%
Consumer Discretionary	SCHX +0.2 points	8.7%	8.9%
Materials	SCHX +0.1 points	1.9%	2.0%

Country, concentration and asset class

Country by domicile

Country weights in RWLC and SCHX, widest gap first
Country	More in RWLCMore in SCHX	RWLC	SCHX
United States	SCHX +0.2 points	99.3%	99.5%
Switzerland	RWLC +0.4 points	0.7%	0.3%
China	SCHX +0.1 points	0.0%	0.1%
United Kingdom	SCHX +0.1 points	0.0%	0.1%
Mexico	SCHX +0.1 points	0.0%	0.1%
Ireland	Same weight	0.0%	0.0%
Sweden	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

RWLC37.2%
SCHX35.3%

Securities held

RWLC106
SCHX753

Asset class

RWLC: Equity
SCHX: Equity

Holdings

Only in RWLC3
In both103
Only in SCHX650

Only in RWLC

3 securities, 1.1% of RWLC by weight

Chubb Ltd0.71%
Everest Group Ltd0.23%
Fox Corp - Class B0.12%

Only in SCHX

650 securities, 49.3% of SCHX by weight

Tesla Inc1.62%
Berkshire Hathaway Inc Class B1.43%
JPMorgan Chase1.30%
Visa Class A0.99%
Johnson & Johnson0.94%
Walmart0.77%
Intel Corporation Corp0.65%
Chevron0.65%
Cisco Systems Inc0.61%
Procter & Gamble0.53%
Coca-Cola0.51%
Bank of America0.47%
Home Depot0.47%
Philip Morris International0.46%
Ge Aerospace0.46%
Palo Alto Networks0.44%
Caterpillar Inc0.42%
Texas Instrument0.41%
Goldman Sachs Group0.38%
Rtx0.38%
Crowdstrike Holdings Class A0.38%
Thermo Fisher Scientific0.37%
Wells Fargo0.36%
Amgen Inc0.35%
International Business Machines Co0.35%
Oracle0.34%
Linde PLC0.33%
Morgan Stanley0.32%
Citigroup0.30%
Analog Devices0.30%
Amphenol Corp Class A0.29%
Qualcomm0.28%
Space Exploration Technologies Cor0.28%
Walt Disney0.27%
Marvell Technology0.27%
Salesforce0.27%
Pepsico0.26%
Mcdonalds Corp0.26%
Verizon Communications Inc0.26%
Abbott Laboratories0.26%
Conocophillips0.26%
Union Pacific0.26%
Nextera Energy0.24%
Pfizer0.24%
American Express0.24%
BlackRock0.24%
Welltower0.24%
Deere0.24%
Intuitive Surgical0.23%
Tjx0.22%

Weight gaps

The 100 widest of 103 Holdings in both funds.

Holding weights in RWLC and SCHX, widest gap first
Holding	More in RWLCMore in SCHX	RWLC	SCHX
Apple IncAAPL	RWLC +2.25 points	9.48%	7.23%
Mastercard Inc - AMA	RWLC +2.19 points	2.92%	0.73%
Gilead Sciences IncGILD	RWLC +2.02 points	2.31%	0.29%
Altria Group IncMO	RWLC +1.92 points	2.10%	0.18%
Marathon Petroleum CorpMPC	RWLC +1.72 points	1.89%	0.17%
Microsoft CorpMSFT	SCHX +1.65 points	3.94%	5.59%
Mckesson CorpMCK	RWLC +1.64 points	1.80%	0.16%
Valero Energy CorpVLO	RWLC +1.58 points	1.74%	0.16%
Adobe IncADBE	RWLC +1.48 points	1.62%	0.14%
Bank of New York Mellon CorpBNY	RWLC +1.43 points	1.57%	0.14%
Fortinet IncFTNT	RWLC +1.30 points	1.42%	0.12%
Lam Research CorpLRCX	RWLC +1.28 points	1.73%	0.45%
Travelers Cos Inc/TheTRV	RWLC +1.23 points	1.35%	0.12%
Amazon.com IncAMZN	SCHX +1.18 points	2.22%	3.40%
NVIDIA CorpNVDA	SCHX +1.18 points	6.17%	7.35%
Williams Cos IncWMB	RWLC +1.11 points	1.24%	0.13%
Broadcom IncAVGO	SCHX +1.11 points	1.22%	2.33%
General Motors CoGM	RWLC +1.10 points	1.21%	0.11%
Meta Platforms IncMETA	SCHX +1.09 points	0.86%	1.96%
Progressive CorpPGR	RWLC +1.07 points	1.26%	0.19%
Eli Lilly & CoLLY	RWLC +1.06 points	2.62%	1.56%
Automatic Data ProcessingADP	RWLC +1.04 points	1.20%	0.16%
Allstate CorpALL	RWLC +0.97 points	1.06%	0.09%
O'reilly Automotive IncORLY	RWLC +0.96 points	1.06%	0.10%
Seagate Technology HoldingsSTX	RWLC +0.95 points	1.18%	0.23%
Advanced Micro DevicesAMD	SCHX +0.91 points	0.40%	1.31%
Autodesk IncADSK	RWLC +0.92 points	0.99%	0.07%
Micron Technology IncMU	RWLC +0.89 points	2.39%	1.50%
Cardinal Health IncCAH	RWLC +0.85 points	0.93%	0.08%
Western Digital CorpWDC	RWLC +0.82 points	1.02%	0.20%
Targa Resources CorpTRGP	RWLC +0.80 points	0.90%	0.10%
Nucor CorpNUE	RWLC +0.78 points	0.87%	0.09%
Regeneron PharmaceuticalsREGN	RWLC +0.79 points	0.90%	0.11%
Ebay IncEBAY	RWLC +0.73 points	0.80%	0.07%
State Street CorpSTT	RWLC +0.72 points	0.79%	0.07%
Comfort Systems Usa IncFIX	RWLC +0.69 points	0.76%	0.07%
Teradyne IncTER	RWLC +0.67 points	0.74%	0.07%
Dell Technologies -CDELL	RWLC +0.67 points	0.87%	0.20%
Booking Holdings IncBKNG	RWLC +0.64 points	0.80%	0.16%
Netapp IncNTAP	RWLC +0.63 points	0.69%	0.06%
American International GroupAIG	RWLC +0.60 points	0.66%	0.06%
Idexx Laboratories IncIDXX	RWLC +0.59 points	0.65%	0.06%
Airbnb Inc-Class AABNB	RWLC +0.58 points	0.68%	0.10%
Corteva IncCTVA	RWLC +0.58 points	0.59%	0.01%
Kroger CoKR	RWLC +0.55 points	0.60%	0.05%
Vylor IncVYLR	RWLC +0.54 points	0.61%	0.07%
Humana IncHUM	RWLC +0.54 points	0.60%	0.07%
AbbVie IncABBV	RWLC +0.52 points	1.25%	0.73%
Steel Dynamics IncSTLD	RWLC +0.50 points	0.55%	0.05%
Arista Networks IncANET	RWLC +0.50 points	0.77%	0.27%
Hartford Insurance Group Inc/TheHIG	RWLC +0.50 points	0.55%	0.05%
Expedia Group IncEXPE	RWLC +0.49 points	0.54%	0.05%
Cboe Global Markets IncCBOE	RWLC +0.48 points	0.53%	0.05%
Alphabet Inc-Cl CGOOG	RWLC +0.48 points	2.39%	1.91%
Msci IncMSCI	RWLC +0.43 points	0.49%	0.06%
Exxonmobil Holdings CorpXOM	RWLC +0.43 points	1.50%	1.07%
Alphabet Inc-Cl AGOOGL	RWLC +0.41 points	2.78%	2.37%
Ge Vernova IncGEV	RWLC +0.39 points	0.73%	0.34%
Hilton Worldwide Holdings InHLT	RWLC +0.38 points	0.49%	0.11%
Synchrony FinancialSYF	RWLC +0.37 points	0.41%	0.04%
Casey's General Stores IncCASY	RWLC +0.37 points	0.41%	0.04%
Ameriprise Financial IncAMP	RWLC +0.37 points	0.43%	0.06%
Verisign IncVRSN	RWLC +0.36 points	0.40%	0.04%
Bristol-Myers Squibb CoBMY	RWLC +0.36 points	0.54%	0.18%
UnitedHealth Group IncUNH	SCHX +0.35 points	0.17%	0.52%
Tapestry IncTPR	RWLC +0.34 points	0.37%	0.03%
Sandisk CorpSNDK	RWLC +0.33 points	0.61%	0.28%
Cencora IncCOR	RWLC +0.33 points	0.42%	0.09%
Netflix IncNFLX	RWLC +0.31 points	0.68%	0.37%
Incyte CorpINCY	RWLC +0.31 points	0.34%	0.03%
Centene CorpCNC	RWLC +0.28 points	0.33%	0.05%
Colgate-Palmolive CoCL	RWLC +0.27 points	0.38%	0.11%
Cf Industries Holdings IncCF	RWLC +0.27 points	0.30%	0.03%
Wr Berkley CorpWRB	RWLC +0.25 points	0.27%	0.02%
Applied Materials IncAMAT	SCHX +0.25 points	0.23%	0.48%
Hasbro IncHAS	RWLC +0.24 points	0.26%	0.02%
Ralph Lauren CorpRL	RWLC +0.22 points	0.24%	0.02%
Assurant IncAIZ	RWLC +0.21 points	0.23%	0.02%
Fair Isaac CorpFICO	RWLC +0.21 points	0.23%	0.02%
Godaddy Inc - Class AGDDY	RWLC +0.20 points	0.22%	0.02%
Kla CorpKLAC	SCHX +0.18 points	0.13%	0.31%
Fox Corp - Class AFOXA	RWLC +0.17 points	0.20%	0.03%
Applovin Corp-Class AAPP	RWLC +0.17 points	0.27%	0.10%
Costco Wholesale CorpCOST	RWLC +0.17 points	0.80%	0.63%
Albemarle CorpALB	RWLC +0.16 points	0.18%	0.02%
Metlife IncMET	RWLC +0.15 points	0.23%	0.08%
Monolithic Power Systems IncMPWR	RWLC +0.15 points	0.23%	0.08%
Ciena CorpCIEN	RWLC +0.14 points	0.21%	0.07%
Merck & Co. Inc.MRK	SCHX +0.13 points	0.38%	0.51%
Domino's Pizza IncDPZ	RWLC +0.14 points	0.15%	0.01%
Palantir Technologies Inc-APLTR	RWLC +0.12 points	0.76%	0.64%
Veeva Systems Inc-Class AVEEV	RWLC +0.11 points	0.18%	0.07%
Universal Health Services-BUHS	RWLC +0.11 points	0.12%	0.01%
Tyson Foods Inc-Cl ATSN	RWLC +0.09 points	0.11%	0.02%
Darden Restaurants IncDRI	RWLC +0.06 points	0.10%	0.04%
AT&T IncT	SCHX +0.05 points	0.15%	0.20%
Snap-On IncSNA	RWLC +0.05 points	0.08%	0.03%
Jm Smucker Co/TheSJM	RWLC +0.04 points	0.06%	0.02%
Uber Technologies IncUBER	RWLC +0.02 points	0.21%	0.19%
Reddit Inc-Cl ARDDT	RWLC +0.02 points	0.05%	0.03%

All 113 RWLC 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.

RWLC vs SCHX Cost

Overpaying RWLC vs SCHX

$5,904

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

RWLC 0.32%
$6,542
SCHX 0.03%
$638

Amount$10,000

Years30 years

Cost over time

RWLC 0.32%
SCHX 0.03%
Overpaying

Year by year

Year	RWLC	SCHX	Overpaying
10	$580	$55	$525
20	$2,250	$216	$2,034
30	$6,542	$638	$5,904

Expense ratio

0.32%RWLC
0.03%SCHX, cheaper

SCHX0.03%RWLC0.32%

0.00%1.25%

Middle half of US Large-Cap funds
Median 0.20%

SCHX 3rd cheapest of 29 funds

RWLC 19th cheapest of 29 funds

RWLC vs SCHX Dividends

Last 12 months to Oct 30, 2026

Yield (12M): RWLC 12.79%, better; SCHX 1.05%
Payout (12M): RWLC $4.88; SCHX $0.31
Last payment: RWLC $4.88; SCHX $0.08
Ex-dividend: RWLC Dec 30, 2025; SCHX Sep 23, 2026
Paid on: RWLC Jan 7, 2026; SCHX Sep 28, 2026
Frequency: RWLC Annual; SCHX Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

RWLCAnnual · 4 paymentsAll RWLC payments⁠

SCHXQuarterly · 41 paymentsAll SCHX payments⁠

RWLC vs SCHX Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: RWLC 11.1%, betterSCHX 12.5%
Return per unit of riskSharpe ratio, 3 years: RWLC 1.73, betterSCHX 1.40
Worst fallMax drawdown, 5 years: RWLC −21.0%since Dec 2021SCHX −25.4%
Market sensitivityBeta, 5 years: RWLC 0.85SCHX 1.01; Market = 1

RWLC 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

Popular comparisons

RWLCCvsBKLCA
Rayliant NxtGen Multifactor US Equity ETF · BNY Mellon US Large Cap Core Equity ETF
Expense ratio
0.32% · 0.00%
Category
SCHXAvsBKLCA
Schwab U.S. Large-Cap ETF · BNY Mellon US Large Cap Core Equity ETF
Expense ratio
0.03% · 0.00%
Category
RWLCCvsEPSA
Rayliant NxtGen Multifactor US Equity ETF · WisdomTree U.S. LargeCap Fund
Expense ratio
0.32% · 0.08%
Category
SCHXAvsEPSA
Schwab U.S. Large-Cap ETF · WisdomTree U.S. LargeCap Fund
Expense ratio
0.03% · 0.08%
Category
RWLCCvsVVA
Rayliant NxtGen Multifactor US Equity ETF · Vanguard Morningstar Large-Cap ETF
Expense ratio
0.32% · 0.03%
Category
SCHXAvsVVA
Schwab U.S. Large-Cap ETF · Vanguard Morningstar Large-Cap ETF
Expense ratio
0.03% · 0.03%
Category

RWLC vs SCHX

In short

Stated mandate

Why people hold it

Worth knowing

How RWLC and SCHX differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in RWLC

Only in SCHX

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 RWLC and SCHX differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in RWLC

Only in SCHX

Weight gaps