SCHX vs XMAG: Grades, Fees and Holdings Compared

Schwab U.S. Large-Cap ETF

SCHXANYSE Arca

Large Cap Ex-Mag 7 ETF

XMAGBNasdaq

Overlap

62.7%by weight

Expense ratio

SCHX −0.32pt a year

SCHX0.03%XMAG0.35%

Avg volume · 30D

SCHX 144.7×the volume

SCHX10.3MXMAG70.9K

SCHX vs XMAG Performance

Nov 7, 2025 – Nov 9, 2026

+12.9%SCHX+16.1%XMAG

Expense ratio: SCHX 0.03%, better; XMAG 0.35%
Fund size: SCHX $71.4B; XMAG $199M
1Y total return: SCHX +12.9%; XMAG +16.1%, better
Yield (12M): SCHX 1.05%, better; XMAG 0.45%
Holdings: SCHX 752; XMAG 493
Avg volume (30D): SCHX 10.3M sh, better; XMAG 70.9K sh
NAV per share: SCHX $28.93; XMAG $24.84
52W range

ETF.net Grade

Pillar letters and Scores for SCHX, XMAG, with each pillar’s weight
Pillar	SCHX	XMAG
Cost30% weight	A91Higher	D30
Mission25% weight	A99Higher	A96
Risk15% weight	C46	A74Higher
Tradability15% weight	A89Higher	C40
Holdings10% weight	A70	A81Higher
Durability5% weight	A90Higher	C50

Rank among US Large-Cap funds

How we build Categories ›

Same Category. SCHX 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 ›

SCHX ranks 1st 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 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

SCHXASchwab U.S. Large-Cap ETF

XMAGBLarge Cap Ex-Mag 7 ETF

In short

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.

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

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.

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

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.

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

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.

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 SCHX profile⁠

Full XMAG profile⁠

SCHX vs XMAG Holdings

How SCHX and XMAG differ

Overlap by weight

62.7%

Shared holdings make up 98.7% of XMAG and 62.8% of SCHX.

Level by level

Holdings479 in both62.7%
Sector11 Sectors77.4%
Asset classStocks100%
Countryby domicile99.6%

Sector

Sector weights in SCHX and XMAG, widest gap first
Sector	Gap	SCHX	XMAG
Technology	SCHX +13.7 points	36.0%	22.3%
Financials	XMAG +6.2 points	12.5%	18.7%
Health Care	XMAG +5.7 points	10.7%	16.4%
Communication	SCHX +5.2 points	8.5%	3.3%
Consumer Discretionary	SCHX +3.7 points	9.6%	5.9%
Industrials	XMAG +3.1 points	8.4%	11.5%
Consumer Staples	XMAG +3.1 points	4.9%	8.0%
Energy	XMAG +2.0 points	3.6%	5.6%
Utilities	XMAG +1.1 points	2.1%	3.2%
Real Estate	XMAG +0.8 points	2.0%	2.8%
Materials	XMAG +0.7 points	1.8%	2.5%

Country, concentration and asset class

Country by domicile

Country weights in SCHX and XMAG, widest gap first
Country	Gap	SCHX	XMAG
United States	SCHX +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	Same weight	0.1%	0.1%
Peru	XMAG +0.1 points	0.0%	0.1%
Mexico	XMAG +0.1 points	0.0%	0.1%
Ireland	Same weight	0.0%	0.0%
Malaysia	Same weight	0.0%	0.0%
Sweden	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

SCHX35.6%
XMAG19.1%

Securities held

SCHX751
XMAG492

Asset class

SCHX: Stocks
XMAG: Stocks

Holdings

Only in SCHX272
In both479
Only in XMAG13

Only in SCHX

272 securities, 37.2% of SCHX by weight

Apple7.43%
NVIDIA6.72%
Microsoft5.86%
Amazon Com Inc3.79%
Alphabet Class A2.49%
Alphabet Class C2.01%
Meta Platforms Class A2.00%
Tesla Inc1.50%
Space Exploration Technologies Cor0.27%
Elevance Health Inc0.14%
Crh Public Limited PLC0.09%
Nxp Semiconductors NV0.09%
Honeywell Aerospace Inc0.07%
Vivmark Residential0.07%
Vylor0.07%
Block Class A0.07%
Ferguson Enterprises0.07%
Ssc Government Mm Gvmxx0.06%
Cboe Global Markets0.05%
Arch Capital Group0.05%
Fiserv Inc0.05%
Heico0.05%
Sunbelt Rentals Holdings Inc0.05%
Qnity Electronics0.04%
United Therapeutics0.04%
Smurfit Westrock PLC0.03%
Us Foods Holding0.03%
Tenet Healthcare Corp0.03%
Royal Gold0.03%
Reliance0.03%
Fox Class A0.03%
Roku Class A0.03%
Amrize AG0.03%
Guardant Health0.03%
Medline Class A0.03%
Snap On Inc0.03%
Skyworks Solutions0.03%
Unity Software0.03%
Woodward0.03%
Itt Inc0.03%
Permian Resources Class A0.03%
East West Bancorp0.03%
F50.03%
Rb Global0.03%
Td Synnex0.03%
Ball Corp0.03%
Revvity0.03%
Exelixis Inc0.03%
Performance Food Group0.03%
Rubrik Class A0.03%

Only in XMAG

13 securities, 1.2% of XMAG by weight

Elevance Health Inc0.23%
First American Government Obligations Fund 12/01/20310.22%
Spotify Technology SA0.20%
Anglogold Ashanti Plc0.11%
Block Inc0.11%
Fiserv Inc0.08%
Credicorp Ltd0.06%
Coca-Cola Europacific Partners PLC0.06%
HEICO Corp0.04%
Ball Corp0.04%
Southern Copper Corp0.04%
Grab Holdings Ltd0.02%
GLOBALFOUNDRIES Inc0.01%

Weight gaps

The 100 widest of 479 Holdings in both funds.

Holding weights in SCHX and XMAG, widest gap first
Holding	Gap	SCHX	XMAG
Eli LillyLLY	XMAG +1.16 points	1.61%	2.77%
JPMorgan ChaseJPM	XMAG +0.82 points	1.32%	2.14%
Micron TechnologyMU	XMAG +0.71 points	1.16%	1.87%
Advanced Micro DevicesAMD	XMAG +0.67 points	1.09%	1.76%
Visa Class AV	XMAG +0.67 points	1.07%	1.74%
Exxonmobil Holdings CorpXOM	XMAG +0.63 points	1.01%	1.64%
Johnson & JohnsonJNJ	XMAG +0.63 points	0.99%	1.62%
WalmartWMT	XMAG +0.51 points	0.83%	1.34%
AbbVieABBV	XMAG +0.48 points	0.77%	1.25%
Coca-ColaKO	XMAG +0.45 points	0.55%	1.00%
Costco Wholesale CorpCOST	XMAG +0.43 points	0.70%	1.13%
Mastercard Class AMA	XMAG +0.42 points	0.79%	1.21%
ChevronCVX	XMAG +0.39 points	0.63%	1.02%
Bank of AmericaBAC	XMAG +0.36 points	0.48%	0.84%
Berkshire Hathaway Inc Class BBRK.B	XMAG +0.35 points	1.58%	1.93%
Procter & GamblePG	XMAG +0.35 points	0.57%	0.92%
Cisco Systems IncCSCO	XMAG +0.34 points	0.55%	0.89%
UnitedHealth GroupUNH	XMAG +0.33 points	0.53%	0.86%
Merck & Co IncMRK	XMAG +0.33 points	0.54%	0.87%
Ge AerospaceGE	XMAG +0.31 points	0.50%	0.81%
Home DepotHD	XMAG +0.31 points	0.51%	0.82%
Philip Morris InternationalPM	XMAG +0.28 points	0.46%	0.74%
American ExpressAXP	XMAG +0.28 points	0.25%	0.53%
NetflixNFLX	XMAG +0.25 points	0.39%	0.64%
Texas InstrumentTXN	XMAG +0.24 points	0.38%	0.62%
Wells FargoWFC	XMAG +0.24 points	0.38%	0.62%
Applied Material IncAMAT	XMAG +0.24 points	0.39%	0.63%
Caterpillar IncCAT	XMAG +0.24 points	0.38%	0.62%
RtxRTX	XMAG +0.24 points	0.38%	0.62%
Thermo Fisher ScientificTMO	XMAG +0.24 points	0.38%	0.62%
Palo Alto NetworksPANW	XMAG +0.23 points	0.38%	0.61%
Goldman Sachs GroupGS	XMAG +0.22 points	0.38%	0.60%
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%
International Business Machines CoIBM	XMAG +0.22 points	0.34%	0.56%
Morgan StanleyMS	XMAG +0.20 points	0.32%	0.52%
Intel Corporation CorpINTC	XMAG +0.19 points	0.42%	0.61%
Ge VernovaGEV	XMAG +0.19 points	0.31%	0.50%
CitigroupC	XMAG +0.19 points	0.30%	0.49%
Gilead SciencesGILD	XMAG +0.18 points	0.31%	0.49%
Walt DisneyDIS	XMAG +0.18 points	0.30%	0.48%
Broadcom IncAVGO	XMAG +0.18 points	2.08%	2.26%
PepsicoPEP	XMAG +0.17 points	0.29%	0.46%
Mcdonalds CorpMCD	XMAG +0.18 points	0.29%	0.47%
Verizon Communications IncVZ	XMAG +0.18 points	0.28%	0.46%
Abbott LaboratoriesABT	XMAG +0.17 points	0.28%	0.45%
Crowdstrike Holdings Class ACRWD	XMAG +0.17 points	0.33%	0.50%
Nextera EnergyNEE	XMAG +0.17 points	0.27%	0.44%
PfizerPFE	XMAG +0.17 points	0.25%	0.42%
Amphenol Corp Class AAPH	XMAG +0.17 points	0.27%	0.44%
KlaKLAC	XMAG +0.16 points	0.27%	0.43%
BlackRockBLK	XMAG +0.17 points	0.25%	0.42%
WelltowerWELL	XMAG +0.16 points	0.26%	0.42%
Analog DevicesADI	XMAG +0.16 points	0.26%	0.42%
Union PacificUNP	XMAG +0.16 points	0.26%	0.42%
Lockheed MartinLMT	XMAG +0.16 points	0.17%	0.33%
Arista NetworksANET	XMAG +0.15 points	0.27%	0.42%
DeereDE	XMAG +0.16 points	0.25%	0.41%
ConocophillipsCOP	XMAG +0.16 points	0.24%	0.40%
QualcommQCOM	XMAG +0.16 points	0.26%	0.42%
Palantir Technologies Class APLTR	XMAG +0.15 points	0.55%	0.70%
Accenture PLC Class AACN	XMAG +0.15 points	0.24%	0.39%
ChubbCB	XMAG +0.15 points	0.19%	0.34%
SalesforceCRM	XMAG +0.15 points	0.26%	0.41%
Intuitive SurgicalISRG	XMAG +0.14 points	0.24%	0.38%
Charles SchwabSCHW	XMAG +0.14 points	0.22%	0.36%
DanaherDHR	XMAG +0.14 points	0.21%	0.35%
AT&TT	XMAG +0.14 points	0.22%	0.36%
OracleORCL	XMAG +0.14 points	0.34%	0.48%
BoeingBA	XMAG +0.14 points	0.20%	0.34%
TjxTJX	XMAG +0.14 points	0.22%	0.36%
Eaton PLCETN	XMAG +0.13 points	0.20%	0.33%
Medtronic PLCMDT	XMAG +0.12 points	0.19%	0.31%
Altria Group IncMO	XMAG +0.12 points	0.19%	0.31%
Vertex PharmaceuticalsVRTX	XMAG +0.12 points	0.21%	0.33%
NewmontNEM	XMAG +0.12 points	0.19%	0.31%
Mckesson CorpMCK	XMAG +0.12 points	0.18%	0.30%
S&P GlobalSPGI	XMAG +0.12 points	0.21%	0.33%
ProgressivePGR	XMAG +0.11 points	0.20%	0.31%
Bristol Myers SquibbBMY	XMAG +0.12 points	0.19%	0.31%
Booking HoldingsBKNG	XMAG +0.12 points	0.18%	0.30%
Automatic Data Processing IncADP	XMAG +0.11 points	0.18%	0.29%
Capital One Financial CorpCOF	XMAG +0.12 points	0.18%	0.30%
Marvell TechnologyMRVL	XMAG +0.12 points	0.18%	0.30%
Lowes Companies IncLOW	XMAG +0.11 points	0.19%	0.30%
Parker-HannifinPH	XMAG +0.11 points	0.17%	0.28%
StrykerSYK	XMAG +0.11 points	0.17%	0.28%
Starbucks CorpSBUX	XMAG +0.11 points	0.18%	0.29%
Prologis ReitPLD	XMAG +0.11 points	0.18%	0.29%
MoodysMCO	XMAG +0.11 points	0.11%	0.22%
Marathon PetroleumMPC	XMAG +0.10 points	0.16%	0.26%
ServicenowNOW	XMAG +0.10 points	0.16%	0.26%
Waste Management IncWM	XMAG +0.10 points	0.13%	0.23%
Cvs HealthCVS	XMAG +0.10 points	0.16%	0.26%
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%
Valero Energy CorpVLO	XMAG +0.09 points	0.15%	0.24%
Cme Group Class ACME	XMAG +0.10 points	0.16%	0.26%

All 753 SCHX 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.

SCHX vs XMAG Cost

Overpaying XMAG vs SCHX

$6,488

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

SCHX 0.03%
$638
XMAG 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

SCHX 0.03%
XMAG 0.35%
Overpaying

Year by year

Year	SCHX	XMAG	Overpaying
10	$55	$634	$579
20	$216	$2,454	$2,238
30	$638	$7,126	$6,488

Expense ratio

0.03%SCHX, cheaper
0.35%XMAG

SCHX0.03%XMAG0.35%

0.00%1.25%

Middle half of US Large-Cap funds
Median 0.20%

SCHX 3rd cheapest of 29 funds

XMAG 20th cheapest of 29 funds

SCHX vs XMAG Dividends

Last 12 months to Nov 9, 2026

Yield (12M): SCHX 1.05%, better; XMAG 0.45%
Payout (12M): SCHX $0.31; XMAG $0.12
Last payment: SCHX $0.08; XMAG $0.12
Ex-dividend: SCHX Sep 23, 2026; XMAG Dec 30, 2025
Paid on: SCHX Sep 28, 2026; XMAG Dec 31, 2025
Frequency: SCHX Quarterly; XMAG Irregular

Distribution history

Per share, 2017 to 2026, same scale for both

SCHXQuarterly · 41 paymentsAll SCHX payments⁠

XMAGIrregular · 2 paymentsAll XMAG payments⁠

SCHX vs XMAG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: SCHX 12.5%XMAG 11.8%since Nov 2024
Return per unit of riskSharpe ratio, 3 years: SCHX 1.40XMAG 0.92since Nov 2024
Worst fallMax drawdown, 5 years: SCHX −25.4%XMAG −16.2%since Oct 2024
Market sensitivityBeta, 5 years: SCHX 1.01XMAG 0.80; Market = 1

SCHX 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, 2026SCHXXMAG
Head-to-Head
SCHX is the one fund, unless you want SCHG's growth bet
Nov 5, 2026SCHX

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SCHX vs XMAG

In short

Stated mandate

Why people hold it

Worth knowing

How SCHX and XMAG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SCHX

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.

SCHX is the one fund, unless you want SCHG's growth bet

How SCHX and XMAG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SCHX

Only in XMAG

Weight gaps