Defiance Large Cap ex-Mag 7 ETF (XMAG) Valuation
XMAG valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 26.0 trailing earnings
- Forward P/E
- 17.5 analyst estimates
- Price / sales
- 2.76
- Price / book
- 4.33
- EV / EBITDA
- 16.2
- Earnings yield
- 3.84% inverse of P/E
- Dividend yield
- 1.50% of the holdings
- Return on equity
- 16.7% combined
- Net margin
- 10.6% combined
- Beta
- 0.99 weighted, vs S&P 500
XMAG valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| XMAG | 26.0 | 17.5 | 2.76 | 4.33 | 1.50% | 16.7% | 10.6% | 3.9% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
XMAG valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 25.2% | 39.0 | 19.5 | 6.73 | 8.87 | 0.62% | 22.7% |
| Financial Services | 18.0% | 16.0 | 14.5 | 3.45 | 2.42 | 1.56% | 15.2% |
| Healthcare | 15.5% | 38.6 | 17.7 | 1.77 | 5.37 | 1.50% | 13.9% |
| Industrials | 10.7% | 28.4 | 21.9 | 2.80 | 6.50 | 1.19% | 22.9% |
| Consumer Defensive | 7.5% | 29.3 | 21.7 | 1.74 | 6.92 | 2.35% | 23.6% |
| Energy | 5.9% | 20.0 | 12.8 | 1.86 | 2.58 | 2.23% | 12.9% |
| Consumer Cyclical | 5.4% | 26.9 | 17.1 | 1.79 | 7.52 | 1.83% | 27.9% |
| Utilities | 3.1% | 19.5 | 15.7 | 2.82 | 2.08 | 3.02% | 10.7% |
| Communication Services | 3.0% | 15.6 | 12.3 | 1.82 | 2.56 | 2.27% | 16.4% |
| Real Estate | 2.6% | 33.7 | 32.2 | 6.48 | 3.28 | 3.32% | 9.7% |
| Basic Materials | 2.4% | 27.7 | 17.2 | 3.08 | 4.01 | 1.54% | 14.5% |
XMAG earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How XMAG weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
XMAG largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| LLY | Eli Lilly and Company | 2.67% | 42.2 | 24.4 | 14.1 | 0.55% | 1.66% |
| AVGO | Broadcom Inc. | 2.41% | 43.3 | 19.4 | 17.6 | 0.79% | 1.46% |
| MU | Micron Technology, Inc. | 2.28% | 11.8 | 7.0 | 7.5 | 0.07% | 5.05% |
| JPM | JPMorgan Chase & Co. | 2.16% | 14.2 | 13.5 | 4.7 | 1.94% | 3.97% |
| AMD | Advanced Micro Devices, Inc. | 2.00% | 134.9 | 39.5 | 20.9 | — | 0.39% |
| BRK.B | Berkshire Hathaway Inc. | 1.79% | 13.4 | 22.7 | 3.0 | — | 3.50% |
| XOM | Exxon Mobil Corporation | 1.77% | 23.0 | 14.8 | 2.0 | 2.30% | 2.01% |
| V | Visa Inc. | 1.64% | 34.3 | 24.0 | 17.0 | 0.67% | 1.25% |
| JNJ | Johnson & Johnson | 1.51% | 38.8 | 21.0 | 6.2 | 2.10% | 1.02% |
| WMT | Walmart Inc. | 1.24% | 43.0 | 38.0 | 1.3 | 0.83% | 0.75% |
| MA | Mastercard Incorporated | 1.19% | 34.0 | 24.2 | 15.4 | 0.56% | 0.92% |
| ABBV | AbbVie Inc. | 1.15% | 80.6 | 16.4 | 7.8 | 2.42% | 0.37% |
| CVX | Chevron Corporation | 1.07% | 21.2 | 15.2 | 2.1 | 3.16% | 1.32% |
| COST | Costco Wholesale Corporation | 1.06% | 47.6 | 40.3 | 1.4 | 0.59% | 0.58% |
| KO | The Coca-Cola Company | 1.00% | 28.2 | 25.3 | 8.1 | 2.26% | 0.93% |
| INTC | Intel Corporation | 0.95% | — | 63.3 | 8.3 | — | −0.58% |
| CSCO | Cisco Systems, Inc. | 0.94% | 32.2 | 19.8 | 6.7 | 1.56% | 0.76% |
| PG | The Procter & Gamble Company | 0.94% | 24.1 | 21.2 | 4.3 | 2.73% | 1.02% |
| UNH | UnitedHealth Group Incorporated | 0.88% | 25.8 | 16.6 | 0.8 | 2.31% | 0.89% |
| MRK | Merck & Co., Inc. | 0.82% | 115.8 | 15.3 | 5.4 | 2.33% | 0.19% |
| BAC | Bank of America Corporation | 0.81% | 12.2 | 10.8 | 3.1 | 2.50% | 1.74% |
| PLTR | Palantir Technologies Inc. | 0.81% | 160.4 | 85.5 | 72.6 | — | 0.13% |
| CAT | Caterpillar Inc. | 0.79% | 31.5 | 25.4 | 4.5 | 0.89% | 0.66% |
| HD | The Home Depot, Inc. | 0.79% | 21.5 | 19.8 | 1.8 | 3.01% | 0.95% |
| GCP | General Electric Company | 0.74% | — | — | — | — | — |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About XMAG valuation
Adding up its 487 holdings with company data, XMAG trades at 26.0 times trailing earnings and 17.5 times analysts' forward estimates, with a price-to-book ratio of 4.33 and a dividend yield of 1.50%. Its earnings yield of 3.84% is 1.48 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 19.5% of the fund and earn 21.1% of its combined profit. By sector, Technology is the most expensive at 39.0 times earnings and Communication Services the cheapest at 15.6. Companies that lost money over the past year are 3.9% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 99.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: XMAG chart, XMAG performance, XMAG holdings, XMAG dividends.
XMAG valuation FAQ
What is the P/E ratio of XMAG?
Based on its holdings, XMAG has a trailing P/E of 26.0 and a forward P/E of 17.5 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of XMAG?
The trailing earnings yield is 3.84% (1 ÷ P/E) and the forward earnings yield 5.73%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is XMAG more expensive than the S&P 500?
XMAG trades at 26.0 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 17.5 and 19.9.
What is the price-to-book ratio of XMAG?
The holdings of XMAG trade at 4.33 times book value, with a combined return on equity of 16.7%.
Which sector in XMAG has the highest P/E?
Technology has the highest P/E at 39.0 and Communication Services the lowest at 15.6.