UTIL.L vs. CQQQ

Last updated Jun 13, 2026

UTIL.L (SPDR MSCI Europe Utilities UCITS ETF) and CQQQ (Invesco China Technology ETF) are both exchange-traded funds - UTIL.L is a Utilities Equities fund tracking the MSCI World/Utilities NR USD, while CQQQ is a China Equities fund tracking the FTSE China Incl A 25% Technology Capped Index. Both are passively managed. Over the past 10 years, UTIL.L returned 11.43%/yr vs 5.03%/yr for CQQQ. At a 0.17 correlation, their price movements are largely independent. UTIL.L charges 0.18%/yr vs 0.70%/yr for CQQQ.

Performance

UTIL.L vs. CQQQ - Performance Comparison

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

Different Trading Currencies

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

Returns By Period

In the year-to-date period, UTIL.L achieves a 15.57% return, which is significantly higher than CQQQ's 0.17% return. Over the past 10 years, UTIL.L has outperformed CQQQ with an annualized return of 11.43%, while CQQQ has yielded a comparatively lower 5.03% annualized return.

UTIL.L

• 1D: 0.23%
• 1M: 0.64%
• YTD: 15.57%
• 6M: 18.50%
• 1Y: 28.14%
• 3Y*: 17.37%
• 5Y*: 12.16%
• 10Y*: 11.43%

CQQQ

• 1D: -1.19%
• 1M: -7.70%
• YTD: 0.17%
• 6M: 1.23%
• 1Y: 21.44%
• 3Y*: 5.53%
• 5Y*: -7.28%
• 10Y*: 5.03%

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

UTIL.L vs. CQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UTIL.L SPDR MSCI Europe Utilities UCITS ETF	15.57%	33.98%	1.33%	13.09%	-6.77%	8.27%	11.82%	29.32%	3.36%	9.29%
CQQQ Invesco China Technology ETF	0.17%	18.95%	17.09%	-19.21%	-25.76%	-18.89%	44.37%	36.58%	-31.71%	52.89%

Correlation

The correlation between UTIL.L and CQQQ is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Dec 9, 2014	0.17

The correlation between UTIL.L and CQQQ shifts across timeframes, from 0.01 (3 years) to 0.17 (all time), reflecting how their relationship changes across market environments.

UTIL.L vs. CQQQ - Sectors Allocation Comparison

Sectors	UTIL.L	CQQQ
Utilities	95.4%	-
Industrials	4.6%	1.3%
Basic Materials	-	0.1%
Communication Services	-	21.9%
Consumer Cyclical	-	13.8%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.1%
Healthcare	-	-
Real Estate	-	-
Technology	-	58.2%

Return for Risk

UTIL.L vs. CQQQ — Risk / Return Rank

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

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

CQQQ

CQQQ Risk / Return Rank: 22
CQQQ Sharpe Ratio Rank: 23
CQQQ Sortino Ratio Rank: 24
CQQQ Omega Ratio Rank: 23
CQQQ Calmar Ratio Rank: 22
CQQQ Martin Ratio Rank: 20

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.

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

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Europe Utilities UCITS ETF (UTIL.L) and Invesco China Technology ETF (CQQQ). 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.

	UTIL.L	CQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.88	0.74	+1.15
Sortino ratio: Return per unit of downside risk	2.46	1.21	+1.25
Omega ratio: Gain probability vs. loss probability	1.34	1.15	+0.19
Calmar ratio: Return relative to maximum drawdown	3.84	0.94	+2.90
Martin ratio: Return relative to average drawdown	10.51	2.09	+8.43

UTIL.L vs. CQQQ - Sharpe Ratio Comparison

The current UTIL.L Sharpe Ratio is 1.88, which is higher than the CQQQ Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of UTIL.L and CQQQ, 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

UTIL.L vs. CQQQ - Drawdown Comparison

The maximum UTIL.L drawdown since its inception was -34.59%, smaller than the maximum CQQQ drawdown of -70.82%. Use the drawdown chart below to compare losses from any high point for UTIL.L and CQQQ.

Drawdown Indicators

	UTIL.L	CQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-34.59%	-70.82%	+36.23%
Max Drawdown (1Y) Largest decline over 1 year	-7.30%	-22.97%	+15.67%
Max Drawdown (3Y) Largest decline over 3 years	-13.48%	-34.70%	+21.22%
Max Drawdown (5Y) Largest decline over 5 years	-22.12%	-63.57%	+41.45%
Max Drawdown (10Y) Largest decline over 10 years	-34.59%	-70.82%	+36.23%
Current Drawdown Current decline from peak	-2.96%	-48.80%	+45.84%
Average Drawdown Average peak-to-trough decline	-6.01%	-25.54%	+19.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	10.30%	-7.63%

Volatility

UTIL.L vs. CQQQ - Volatility Comparison

The current volatility for SPDR MSCI Europe Utilities UCITS ETF (UTIL.L) is 5.50%, while Invesco China Technology ETF (CQQQ) has a volatility of 9.83%. This indicates that UTIL.L experiences smaller price fluctuations and is considered to be less risky than CQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTIL.L	CQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.50%	9.83%	-4.33%
Volatility (6M) Calculated over the trailing 6-month period	12.98%	21.48%	-8.50%
Volatility (1Y) Calculated over the trailing 1-year period	14.87%	29.23%	-14.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.23%	36.61%	-20.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.65%	32.58%	-14.93%

UTIL.L vs. CQQQ - Expense Ratio Comparison

UTIL.L has a 0.18% expense ratio, which is lower than CQQQ's 0.70% expense ratio.

Dividends

UTIL.L vs. CQQQ - Dividend Comparison

UTIL.L has not paid dividends to shareholders, while CQQQ's dividend yield for the trailing twelve months is around 2.20%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CQQQ Invesco China Technology ETF	2.20%	2.17%	0.28%	0.55%	0.08%	0.00%	0.47%	0.01%	0.43%	1.41%	1.69%	1.77%
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 UTIL.L and CQQQ in my portfolio?

UTIL.L and CQQQ have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UTIL.L or CQQQ?

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, UTIL.L or CQQQ?

UTIL.L is cheaper with a 0.18% expense ratio, compared with 0.70% for CQQQ.

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

UTIL.L is categorized as Utilities Equities, while CQQQ is China Equities. UTIL.L tracks MSCI World/Utilities NR USD, while CQQQ tracks FTSE China Incl A 25% Technology Capped Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.18% for UTIL.L and 0.70% for CQQQ.