EFA vs. UTIL.L

Last updated Jun 13, 2026

EFA (iShares MSCI EAFE ETF) and UTIL.L (SPDR MSCI Europe Utilities UCITS ETF) are both exchange-traded funds - EFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index (Net), while UTIL.L is a Utilities Equities fund tracking the MSCI World/Utilities NR USD. Both are passively managed. Over the past 10 years, EFA returned 9.84%/yr vs 11.78%/yr for UTIL.L. A 0.53 correlation means they provide meaningful diversification when combined. EFA charges 0.32%/yr vs 0.18%/yr for UTIL.L.

Performance

EFA vs. UTIL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI EAFE ETF (EFA) and SPDR MSCI Europe Utilities UCITS ETF (UTIL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

EFA is traded in USD, while UTIL.L is traded in EUR. To make them comparable, the UTIL.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, EFA achieves a 9.36% return, which is significantly lower than UTIL.L's 13.81% return. Over the past 10 years, EFA has underperformed UTIL.L with an annualized return of 9.84%, while UTIL.L has yielded a comparatively higher 11.78% annualized return.

EFA

• 1D: 0.28%
• 1M: 1.15%
• YTD: 9.36%
• 6M: 10.80%
• 1Y: 20.34%
• 3Y*: 16.14%
• 5Y*: 8.36%
• 10Y*: 9.84%

UTIL.L

• 1D: 0.13%
• 1M: -0.62%
• YTD: 13.81%
• 6M: 16.75%
• 1Y: 27.99%
• 3Y*: 20.12%
• 5Y*: 11.14%
• 10Y*: 11.78%

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

EFA vs. UTIL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFA iShares MSCI EAFE ETF	9.36%	31.55%	3.49%	18.36%	-14.39%	11.45%	7.60%	22.04%	-13.82%	25.07%
UTIL.L SPDR MSCI Europe Utilities UCITS ETF	13.81%	51.98%	-4.93%	16.67%	-12.37%	0.89%	21.72%	26.80%	-1.46%	24.75%

Correlation

The correlation between EFA and UTIL.L is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Dec 9, 2014	0.53

The correlation between EFA and UTIL.L has been stable across timeframes, ranging from 0.43 to 0.53 - a consistent structural relationship.

EFA vs. UTIL.L - Sectors Allocation Comparison

Sectors	EFA	UTIL.L
Financial Services	24.6%	-
Industrials	19.9%	4.6%
Healthcare	10.6%	-
Technology	10.4%	-
Consumer Cyclical	7.6%	-
Consumer Defensive	6.7%	-
Basic Materials	5.9%	-
Communication Services	4.5%	-
Energy	4.0%	-
Utilities	4.0%	95.4%
Real Estate	1.9%	-

Return for Risk

EFA vs. UTIL.L — Risk / Return Rank

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

EFA

EFA Risk / Return Rank: 42
EFA Sharpe Ratio Rank: 42
EFA Sortino Ratio Rank: 42
EFA Omega Ratio Rank: 41
EFA Calmar Ratio Rank: 40
EFA Martin Ratio Rank: 46

UTIL.L

UTIL.L Risk / Return Rank: 67
UTIL.L Sharpe Ratio Rank: 65
UTIL.L Sortino Ratio Rank: 59
UTIL.L Omega Ratio Rank: 64
UTIL.L Calmar Ratio Rank: 82
UTIL.L Martin Ratio Rank: 65

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.

EFA vs. UTIL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE ETF (EFA) and SPDR MSCI Europe Utilities UCITS ETF (UTIL.L). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EFA	UTIL.L	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.68	-0.37
Sortino ratio: Return per unit of downside risk	1.91	2.18	-0.28
Omega ratio: Gain probability vs. loss probability	1.24	1.30	-0.06
Calmar ratio: Return relative to maximum drawdown	1.79	3.10	-1.31
Martin ratio: Return relative to average drawdown	6.67	8.56	-1.89

EFA vs. UTIL.L - Sharpe Ratio Comparison

The current EFA Sharpe Ratio is 1.31, which is comparable to the UTIL.L Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of EFA and UTIL.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EFA vs. UTIL.L - Drawdown Comparison

The maximum EFA drawdown since its inception was -61.04%, which is greater than UTIL.L's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for EFA and UTIL.L.

Drawdown Indicators

	EFA	UTIL.L	Difference
Max Drawdown Largest peak-to-trough decline	-61.04%	-35.43%	-25.61%
Max Drawdown (1Y) Largest decline over 1 year	-11.42%	-8.98%	-2.44%
Max Drawdown (3Y) Largest decline over 3 years	-14.05%	-17.76%	+3.71%
Max Drawdown (5Y) Largest decline over 5 years	-29.53%	-33.85%	+4.32%
Max Drawdown (10Y) Largest decline over 10 years	-34.19%	-35.43%	+1.24%
Current Drawdown Current decline from peak	-0.61%	-4.16%	+3.55%
Average Drawdown Average peak-to-trough decline	-11.92%	-8.23%	-3.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	3.26%	-0.19%

Volatility

EFA vs. UTIL.L - Volatility Comparison

The current volatility for iShares MSCI EAFE ETF (EFA) is 5.50%, while SPDR MSCI Europe Utilities UCITS ETF (UTIL.L) has a volatility of 5.89%. This indicates that EFA experiences smaller price fluctuations and is considered to be less risky than UTIL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFA	UTIL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.50%	5.89%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	13.19%	14.06%	-0.87%
Volatility (1Y) Calculated over the trailing 1-year period	15.64%	16.69%	-1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.58%	19.10%	-2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.27%	19.55%	-2.28%

EFA vs. UTIL.L - Expense Ratio Comparison

EFA has a 0.32% expense ratio, which is higher than UTIL.L's 0.18% expense ratio.

Dividends

EFA vs. UTIL.L - Dividend Comparison

EFA's dividend yield for the trailing twelve months is around 3.09%, while UTIL.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFA iShares MSCI EAFE ETF	3.09%	3.38%	3.24%	2.98%	2.69%	3.33%	2.13%	3.10%	3.39%	2.57%	3.07%	2.76%
UTIL.L SPDR MSCI Europe Utilities UCITS ETF	0.00%	0.00%	0.00%	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 EFA and UTIL.L in my portfolio?

EFA and UTIL.L have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EFA or UTIL.L?

On fees, UTIL.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EFA or UTIL.L?

UTIL.L is cheaper with a 0.18% expense ratio, compared with 0.32% for EFA.

What is the main difference between EFA and UTIL.L?

EFA is categorized as Foreign Large Cap Equities, while UTIL.L is Utilities Equities. EFA tracks MSCI EAFE Index (Net), while UTIL.L tracks MSCI World/Utilities NR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.32% for EFA and 0.18% for UTIL.L.