ILCV vs. XMAG

Last updated Jun 4, 2026

ILCV (iShares Morningstar Value ETF) and XMAG (Defiance Large Cap ex-Mag 7 ETF) are both exchange-traded funds - ILCV is a Large Cap Value Equities fund tracking the Morningstar US Large-Mid Cap Broad Value Index, while XMAG is a Large Cap Blend Equities fund tracking the BITA US 500 ex Magnificent 7 Index. Both are passively managed. Over the past year, ILCV returned 26.58% vs 24.62% for XMAG. Their correlation of 0.90 suggests significant overlap in exposure. ILCV charges 0.04%/yr vs 0.35%/yr for XMAG.

Performance

ILCV vs. XMAG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Value ETF (ILCV) and Defiance Large Cap ex-Mag 7 ETF (XMAG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ILCV achieves a 7.75% return, which is significantly lower than XMAG's 12.73% return.

ILCV

• 1D: -0.44%
• 1M: 2.76%
• YTD: 7.75%
• 6M: 7.41%
• 1Y: 26.58%
• 3Y*: 18.61%
• 5Y*: 11.42%
• 10Y*: 11.68%

XMAG

• 1D: 0.01%
• 1M: 6.69%
• YTD: 12.73%
• 6M: 13.28%
• 1Y: 24.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ILCV vs. XMAG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ILCV iShares Morningstar Value ETF	7.75%	18.79%	-1.79%
XMAG Defiance Large Cap ex-Mag 7 ETF	12.73%	15.63%	-1.67%

Correlation

The correlation between ILCV and XMAG is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Oct 23, 2024	0.90

The correlation between ILCV and XMAG has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

ILCV vs. XMAG - Sectors Allocation Comparison

Sectors	ILCV	XMAG
Technology	23.8%	25.3%
Financial Services	16.5%	17.3%
Healthcare	11.5%	13.0%
Consumer Cyclical	9.5%	6.2%
Industrials	8.8%	12.6%
Communication Services	8.0%	3.9%
Consumer Defensive	7.6%	7.3%
Energy	6.0%	5.5%
Utilities	3.5%	3.4%
Basic Materials	2.4%	2.5%
Real Estate	2.0%	2.9%

Return for Risk

ILCV vs. XMAG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ILCV

ILCV Risk / Return Rank: 82
ILCV Sharpe Ratio Rank: 82
ILCV Sortino Ratio Rank: 84
ILCV Omega Ratio Rank: 81
ILCV Calmar Ratio Rank: 79
ILCV Martin Ratio Rank: 83

XMAG

XMAG Risk / Return Rank: 68
XMAG Sharpe Ratio Rank: 66
XMAG Sortino Ratio Rank: 69
XMAG Omega Ratio Rank: 63
XMAG Calmar Ratio Rank: 67
XMAG Martin Ratio Rank: 77

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ILCV vs. XMAG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Value ETF (ILCV) and Defiance Large Cap ex-Mag 7 ETF (XMAG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ILCV	XMAG	Difference
Sharpe ratio: Return per unit of total volatility	2.72	2.23	+0.49
Sortino ratio: Return per unit of downside risk	3.85	3.21	+0.64
Omega ratio: Gain probability vs. loss probability	1.50	1.39	+0.10
Calmar ratio: Return relative to maximum drawdown	4.08	3.39	+0.68
Martin ratio: Return relative to average drawdown	16.87	15.15	+1.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ILCV vs. XMAG - Sharpe Ratio Comparison

The current ILCV Sharpe Ratio is 2.72, which is comparable to the XMAG Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of ILCV and XMAG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ILCV	XMAG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.72	2.23	+0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	1.11	-0.65

Drawdowns

ILCV vs. XMAG - Drawdown Comparison

The maximum ILCV drawdown since its inception was -58.63%, which is greater than XMAG's maximum drawdown of -16.17%. Use the drawdown chart below to compare losses from any high point for ILCV and XMAG.

Drawdown Indicators

	ILCV	XMAG	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-16.17%	-42.46%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	-7.29%	+0.74%
Max Drawdown (3Y) Largest decline over 3 years	-14.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.58%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.53%	—	—
Current Drawdown Current decline from peak	-0.60%	0.00%	-0.60%
Average Drawdown Average peak-to-trough decline	-9.32%	-2.13%	-7.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	1.63%	-0.05%

Volatility

ILCV vs. XMAG - Volatility Comparison

The current volatility for iShares Morningstar Value ETF (ILCV) is 2.01%, while Defiance Large Cap ex-Mag 7 ETF (XMAG) has a volatility of 2.87%. This indicates that ILCV experiences smaller price fluctuations and is considered to be less risky than XMAG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ILCV	XMAG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.01%	2.87%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	6.97%	8.65%	-1.68%
Volatility (1Y) Calculated over the trailing 1-year period	9.82%	11.10%	-1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.21%	15.12%	-0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.66%	15.12%	+1.54%

ILCV vs. XMAG - Expense Ratio Comparison

ILCV has a 0.04% expense ratio, which is lower than XMAG's 0.35% expense ratio.

Dividends

ILCV vs. XMAG - Dividend Comparison

ILCV's dividend yield for the trailing twelve months is around 1.63%, more than XMAG's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ILCV iShares Morningstar Value ETF	1.63%	1.77%	1.99%	2.27%	2.32%	2.01%	2.96%	2.70%	2.93%	2.32%	2.76%	3.01%
XMAG Defiance Large Cap ex-Mag 7 ETF	0.46%	0.51%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ILCV and XMAG in my portfolio?

ILCV and XMAG have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ILCV or XMAG?

XMAG has higher volatility (2.87%) compared to ILCV (2.01%). In terms of maximum drawdown, ILCV dropped -58.63% vs XMAG's -16.17%.

Which ETF is better, ILCV or XMAG?

On 1-year performance, ILCV leads with 26.58% vs 24.62% for XMAG. On fees, ILCV is cheaper at 0.04% per year. On volatility, ILCV has been the lower-risk option at 2.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ILCV or XMAG?

Over the 1-year period, ILCV has performed better with a 26.58% return vs 24.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ILCV or XMAG?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.35% for XMAG.

Which ETF pays a higher dividend yield, ILCV or XMAG?

ILCV has the higher dividend yield at 1.63%, compared with 0.46% for XMAG.

What is the main difference between ILCV and XMAG?

ILCV is categorized as Large Cap Value Equities, while XMAG is Large Cap Blend Equities. ILCV tracks Morningstar US Large-Mid Cap Broad Value Index, while XMAG tracks BITA US 500 ex Magnificent 7 Index. They also come from different issuers: iShares and Defiance. Their fees differ too: 0.04% for ILCV and 0.35% for XMAG.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.72 vs 2.23), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.