IEFM.L vs. UTIL.L

Last updated Jun 5, 2026

IEFM.L (iShares Edge MSCI Europe Momentum Factor UCITS ETF) and UTIL.L (SPDR MSCI Europe Utilities UCITS ETF) are both exchange-traded funds - IEFM.L is a Momentum fund tracking the MSCI Europe Momentum Index, while UTIL.L is a Utilities Equities fund tracking the MSCI World/Utilities NR USD. Both are passively managed. Over the past 10 years, IEFM.L returned 12.41%/yr vs 11.76%/yr for UTIL.L. A 0.53 correlation means they provide meaningful diversification when combined. IEFM.L charges 0.25%/yr vs 0.18%/yr for UTIL.L.

Performance

IEFM.L vs. UTIL.L - Performance Comparison

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

Different Trading Currencies

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

Returns By Period

In the year-to-date period, IEFM.L achieves a 6.92% return, which is significantly lower than UTIL.L's 12.15% return. Over the past 10 years, IEFM.L has outperformed UTIL.L with an annualized return of 12.41%, while UTIL.L has yielded a comparatively lower 11.76% annualized return.

IEFM.L

• 1D: -0.17%
• 1M: 2.97%
• YTD: 6.92%
• 6M: 10.23%
• 1Y: 20.60%
• 3Y*: 20.30%
• 5Y*: 11.50%
• 10Y*: 12.41%

UTIL.L

• 1D: -0.09%
• 1M: -2.86%
• YTD: 12.15%
• 6M: 12.96%
• 1Y: 30.18%
• 3Y*: 16.76%
• 5Y*: 11.99%
• 10Y*: 11.76%

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

IEFM.L vs. UTIL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEFM.L iShares Edge MSCI Europe Momentum Factor UCITS ETF	6.92%	33.05%	15.03%	10.37%	-9.80%	14.07%	17.04%	23.39%	-9.90%	16.64%
UTIL.L SPDR MSCI Europe Utilities UCITS ETF	12.15%	41.15%	-3.27%	10.84%	-1.95%	1.85%	18.14%	21.99%	4.37%	13.97%

Correlation

The correlation between IEFM.L and UTIL.L is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jan 20, 2015	0.53

The correlation between IEFM.L and UTIL.L shifts across timeframes, from 0.36 (3 years) to 0.53 (all time), reflecting how their relationship changes across market environments.

IEFM.L vs. UTIL.L - Sectors Allocation Comparison

Sectors	IEFM.L	UTIL.L
Financial Services	23.3%	-
Healthcare	16.0%	-
Industrials	14.8%	4.6%
Utilities	12.2%	95.4%
Energy	11.2%	-
Technology	8.4%	-
Basic Materials	7.3%	-
Consumer Defensive	3.1%	-
Communication Services	3.0%	-
Consumer Cyclical	0.5%	-
Real Estate	0.4%	-

Return for Risk

IEFM.L vs. UTIL.L — Risk / Return Rank

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

IEFM.L

IEFM.L Risk / Return Rank: 28
IEFM.L Sharpe Ratio Rank: 24
IEFM.L Sortino Ratio Rank: 25
IEFM.L Omega Ratio Rank: 35
IEFM.L Calmar Ratio Rank: 30
IEFM.L Martin Ratio Rank: 26

UTIL.L

UTIL.L Risk / Return Rank: 57
UTIL.L Sharpe Ratio Rank: 53
UTIL.L Sortino Ratio Rank: 48
UTIL.L Omega Ratio Rank: 53
UTIL.L Calmar Ratio Rank: 74
UTIL.L Martin Ratio Rank: 58

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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Europe Momentum Factor UCITS ETF (IEFM.L) 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.

	IEFM.L	UTIL.L	Difference
Sharpe ratio: Return per unit of total volatility	0.82	1.99	-1.17
Sortino ratio: Return per unit of downside risk	1.35	2.59	-1.23
Omega ratio: Gain probability vs. loss probability	1.23	1.35	-0.12
Calmar ratio: Return relative to maximum drawdown	1.46	3.50	-2.04
Martin ratio: Return relative to average drawdown	3.55	10.34	-6.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEFM.L vs. UTIL.L - Sharpe Ratio Comparison

The current IEFM.L Sharpe Ratio is 0.82, which is lower than the UTIL.L Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of IEFM.L 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.

Sharpe Ratios by Period

	IEFM.L	UTIL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.82	1.99	-1.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.73	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.66	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.55	+0.12

Drawdowns

IEFM.L vs. UTIL.L - Drawdown Comparison

The maximum IEFM.L drawdown since its inception was -23.88%, smaller than the maximum UTIL.L drawdown of -28.73%. Use the drawdown chart below to compare losses from any high point for IEFM.L and UTIL.L.

Drawdown Indicators

	IEFM.L	UTIL.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.88%	-28.73%	+4.85%
Max Drawdown (1Y) Largest decline over 1 year	-14.04%	-8.58%	-5.46%
Max Drawdown (3Y) Largest decline over 3 years	-14.04%	-12.60%	-1.44%
Max Drawdown (5Y) Largest decline over 5 years	-21.33%	-19.90%	-1.43%
Max Drawdown (10Y) Largest decline over 10 years	-23.88%	-28.73%	+4.85%
Current Drawdown Current decline from peak	-1.75%	-5.73%	+3.98%
Average Drawdown Average peak-to-trough decline	-5.23%	-5.71%	+0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.79%	2.91%	+2.88%

Volatility

IEFM.L vs. UTIL.L - Volatility Comparison

The current volatility for iShares Edge MSCI Europe Momentum Factor UCITS ETF (IEFM.L) is 3.99%, while SPDR MSCI Europe Utilities UCITS ETF (UTIL.L) has a volatility of 5.55%. This indicates that IEFM.L 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

	IEFM.L	UTIL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	5.55%	-1.56%
Volatility (6M) Calculated over the trailing 6-month period	13.91%	12.97%	+0.94%
Volatility (1Y) Calculated over the trailing 1-year period	24.98%	15.09%	+9.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.82%	16.35%	+1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.03%	17.82%	-0.79%

IEFM.L vs. UTIL.L - Expense Ratio Comparison

IEFM.L has a 0.25% expense ratio, which is higher than UTIL.L's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IEFM.L vs. UTIL.L - Dividend Comparison

Neither IEFM.L nor UTIL.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IEFM.L and UTIL.L in my portfolio?

IEFM.L and UTIL.L have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IEFM.L 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, IEFM.L or UTIL.L?

UTIL.L is cheaper with a 0.18% expense ratio, compared with 0.25% for IEFM.L.

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

IEFM.L is categorized as Momentum, while UTIL.L is Utilities Equities. IEFM.L tracks MSCI Europe Momentum Index, while UTIL.L tracks MSCI World/Utilities NR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for IEFM.L and 0.18% for UTIL.L.