EFNL vs. VPU

Last updated Jun 3, 2026

EFNL (iShares MSCI Finland ETF) and VPU (Vanguard Utilities ETF) are both exchange-traded funds - EFNL is a Europe Equities fund tracking the MSCI Finland IMI 25/50 Index, while VPU is a Utilities Equities fund tracking the MSCI US Investable Market Utilities 25/50 Index. Both are passively managed. Over the past 10 years, EFNL returned 10.12%/yr vs 9.08%/yr for VPU. At a 0.26 correlation, their price movements are largely independent. EFNL charges 0.53%/yr vs 0.10%/yr for VPU.

Performance

EFNL vs. VPU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Finland ETF (EFNL) and Vanguard Utilities ETF (VPU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFNL achieves a 21.56% return, which is significantly higher than VPU's 3.78% return. Over the past 10 years, EFNL has outperformed VPU with an annualized return of 10.12%, while VPU has yielded a comparatively lower 9.08% annualized return.

EFNL

• 1D: 0.84%
• 1M: 5.22%
• YTD: 21.56%
• 6M: 27.81%
• 1Y: 47.25%
• 3Y*: 21.70%
• 5Y*: 6.95%
• 10Y*: 10.12%

VPU

• 1D: 1.96%
• 1M: -5.14%
• YTD: 3.78%
• 6M: 1.55%
• 1Y: 10.46%
• 3Y*: 13.83%
• 5Y*: 9.19%
• 10Y*: 9.08%

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

EFNL vs. VPU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFNL iShares MSCI Finland ETF	21.56%	53.59%	-5.28%	-0.12%	-17.29%	10.50%	20.19%	13.64%	-6.86%	23.77%
VPU Vanguard Utilities ETF	3.78%	16.46%	23.04%	-7.45%	1.06%	17.40%	-0.74%	24.89%	4.38%	12.44%

Correlation

The correlation between EFNL and VPU is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jan 27, 2012	0.26

The correlation between EFNL and VPU shifts across timeframes, from 0.17 (1 year) to 0.30 (5 years), reflecting how their relationship changes across market environments.

EFNL vs. VPU - Sectors Allocation Comparison

Sectors	EFNL	VPU
Financial Services	26.0%	-
Technology	21.4%	-
Industrials	20.8%	0.2%
Consumer Cyclical	6.6%	-
Basic Materials	6.3%	-
Energy	5.2%	0.5%
Utilities	4.0%	99.3%
Healthcare	3.5%	-
Consumer Defensive	2.9%	-
Communication Services	2.6%	-
Real Estate	0.7%	-

Return for Risk

EFNL vs. VPU — Risk / Return Rank

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

EFNL

EFNL Risk / Return Rank: 84
EFNL Sharpe Ratio Rank: 83
EFNL Sortino Ratio Rank: 79
EFNL Omega Ratio Rank: 75
EFNL Calmar Ratio Rank: 92
EFNL Martin Ratio Rank: 91

VPU

VPU Risk / Return Rank: 22
VPU Sharpe Ratio Rank: 22
VPU Sortino Ratio Rank: 20
VPU Omega Ratio Rank: 21
VPU Calmar Ratio Rank: 25
VPU Martin Ratio Rank: 22

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.

EFNL vs. VPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Finland ETF (EFNL) and Vanguard Utilities ETF (VPU). 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.

	EFNL	VPU	Difference
Sharpe ratio Return per unit of total volatility	2.75	0.74	+2.01
Sortino ratio Return per unit of downside risk	3.59	1.08	+2.51
Omega ratio Gain probability vs. loss probability	1.46	1.13	+0.32
Calmar ratio Return relative to maximum drawdown	6.19	1.21	+4.97
Martin ratio Return relative to average drawdown	21.92	2.75	+19.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFNL vs. VPU - Sharpe Ratio Comparison

The current EFNL Sharpe Ratio is 2.75, which is higher than the VPU Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of EFNL and VPU, 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

	EFNL	VPU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	0.74	+2.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.54	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.48	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.53	-0.07

Drawdowns

EFNL vs. VPU - Drawdown Comparison

The maximum EFNL drawdown since its inception was -38.70%, smaller than the maximum VPU drawdown of -46.31%. Use the drawdown chart below to compare losses from any high point for EFNL and VPU.

Drawdown Indicators

	EFNL	VPU	Difference
Max Drawdown Largest peak-to-trough decline	-38.70%	-46.31%	+7.61%
Max Drawdown (1Y) Largest decline over 1 year	-7.92%	-8.90%	+0.98%
Max Drawdown (3Y) Largest decline over 3 years	-18.19%	-17.34%	-0.85%
Max Drawdown (5Y) Largest decline over 5 years	-38.70%	-25.15%	-13.55%
Max Drawdown (10Y) Largest decline over 10 years	-38.70%	-36.42%	-2.28%
Current Drawdown Current decline from peak	0.00%	-6.72%	+6.72%
Average Drawdown Average peak-to-trough decline	-10.93%	-7.78%	-3.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	3.94%	-1.70%

Volatility

EFNL vs. VPU - Volatility Comparison

iShares MSCI Finland ETF (EFNL) has a higher volatility of 7.05% compared to Vanguard Utilities ETF (VPU) at 5.34%. This indicates that EFNL's price experiences larger fluctuations and is considered to be riskier than VPU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFNL	VPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.05%	5.34%	+1.71%
Volatility (6M) Calculated over the trailing 6-month period	13.86%	11.58%	+2.28%
Volatility (1Y) Calculated over the trailing 1-year period	17.30%	14.29%	+3.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.60%	17.05%	+2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.09%	19.13%	+0.96%

EFNL vs. VPU - Expense Ratio Comparison

EFNL has a 0.53% expense ratio, which is higher than VPU's 0.10% expense ratio.

Dividends

EFNL vs. VPU - Dividend Comparison

EFNL's dividend yield for the trailing twelve months is around 2.79%, more than VPU's 2.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFNL iShares MSCI Finland ETF	2.79%	3.40%	5.05%	4.31%	5.94%	2.29%	2.94%	5.70%	3.83%	3.30%	2.40%	1.57%
VPU Vanguard Utilities ETF	2.67%	2.73%	3.02%	3.49%	2.98%	2.70%	3.17%	2.83%	3.23%	3.18%	3.19%	3.63%

Frequently Asked Questions

Can I hold both EFNL and VPU in my portfolio?

EFNL and VPU have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFNL or VPU?

EFNL has higher volatility (7.05%) compared to VPU (5.34%). In terms of maximum drawdown, EFNL dropped -38.70% vs VPU's -46.31%.

Which ETF is better, EFNL or VPU?

On 10-year performance, EFNL leads with 10.12% vs 9.08% for VPU. On fees, VPU is cheaper at 0.10% per year. On volatility, VPU has been the lower-risk option at 5.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFNL or VPU?

Over the 10-year period, EFNL has performed better with a 10.12% return vs 9.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFNL or VPU?

VPU is cheaper with a 0.10% expense ratio, compared with 0.53% for EFNL.

Which ETF pays a higher dividend yield, EFNL or VPU?

EFNL has the higher dividend yield at 2.79%, compared with 2.67% for VPU.

What is the main difference between EFNL and VPU?

EFNL is categorized as Europe Equities, while VPU is Utilities Equities. EFNL tracks MSCI Finland IMI 25/50 Index, while VPU tracks MSCI US Investable Market Utilities 25/50 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.53% for EFNL and 0.10% for VPU.

Which has better risk-adjusted returns?

EFNL currently has the higher Sharpe Ratio (2.75 vs 0.74), 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.