XMAG vs. ILCV

Last updated Jun 4, 2026

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

Performance

XMAG vs. ILCV - Performance Comparison

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

Returns By Period

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

XMAG

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

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%

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

XMAG vs. ILCV - Yearly Performance Comparison

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

Correlation

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

XMAG vs. ILCV - Sectors Allocation Comparison

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

Return for Risk

XMAG vs. ILCV — Risk / Return Rank

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

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

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

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.

XMAG vs. ILCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Large Cap ex-Mag 7 ETF (XMAG) and iShares Morningstar Value ETF (ILCV). 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.

	XMAG	ILCV	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.72	-0.49
Sortino ratio: Return per unit of downside risk	3.21	3.85	-0.64
Omega ratio: Gain probability vs. loss probability	1.39	1.50	-0.10
Calmar ratio: Return relative to maximum drawdown	3.39	4.08	-0.68
Martin ratio: Return relative to average drawdown	15.15	16.87	-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.

XMAG vs. ILCV - Sharpe Ratio Comparison

The current XMAG Sharpe Ratio is 2.23, which is comparable to the ILCV Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of XMAG and ILCV, 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

	XMAG	ILCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	2.72	-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	1.11	0.46	+0.65

Drawdowns

XMAG vs. ILCV - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

XMAG vs. ILCV - Volatility Comparison

Defiance Large Cap ex-Mag 7 ETF (XMAG) has a higher volatility of 2.87% compared to iShares Morningstar Value ETF (ILCV) at 2.01%. This indicates that XMAG's price experiences larger fluctuations and is considered to be riskier than ILCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

XMAG vs. ILCV - Expense Ratio Comparison

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

Dividends

XMAG vs. ILCV - Dividend Comparison

XMAG's dividend yield for the trailing twelve months is around 0.46%, less than ILCV's 1.63% 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 XMAG and ILCV in my portfolio?

XMAG and ILCV 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, XMAG or ILCV?

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

Which ETF is better, XMAG or ILCV?

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, XMAG or ILCV?

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, XMAG or ILCV?

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

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

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

What is the main difference between XMAG and ILCV?

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

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.