UTIL.L vs. EFA

Last updated Jun 13, 2026

UTIL.L (SPDR MSCI Europe Utilities UCITS ETF) and EFA (iShares MSCI EAFE ETF) are both exchange-traded funds - UTIL.L is a Utilities Equities fund tracking the MSCI World/Utilities NR USD, while EFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index (Net). Both are passively managed. Over the past 10 years, UTIL.L returned 11.43%/yr vs 9.49%/yr for EFA. At a 0.44 correlation, their price movements are largely independent. UTIL.L charges 0.18%/yr vs 0.32%/yr for EFA.

Performance

UTIL.L vs. EFA - Performance Comparison

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

Different Trading Currencies

UTIL.L is traded in EUR, while EFA is traded in USD. To make them comparable, the EFA 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 EFA's 11.04% return. Over the past 10 years, UTIL.L has outperformed EFA with an annualized return of 11.43%, while EFA has yielded a comparatively lower 9.49% 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%

EFA

• 1D: 0.36%
• 1M: 2.43%
• YTD: 11.04%
• 6M: 12.44%
• 1Y: 20.55%
• 3Y*: 13.47%
• 5Y*: 9.35%
• 10Y*: 9.49%

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

UTIL.L vs. EFA - 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%
EFA iShares MSCI EAFE ETF	11.04%	15.94%	10.32%	14.81%	-9.08%	19.78%	-1.27%	24.80%	-9.78%	9.70%

Correlation

The correlation between UTIL.L and EFA is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Dec 9, 2014	0.44

The correlation between UTIL.L and EFA shifts across timeframes, from 0.27 (1 year) to 0.44 (all time), reflecting how their relationship changes across market environments.

UTIL.L vs. EFA - Sectors Allocation Comparison

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

Return for Risk

UTIL.L vs. EFA — 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

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

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. EFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Europe Utilities UCITS ETF (UTIL.L) and iShares MSCI EAFE ETF (EFA). 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	EFA	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.52	+0.37
Sortino ratio: Return per unit of downside risk	2.46	2.16	+0.30
Omega ratio: Gain probability vs. loss probability	1.34	1.28	+0.06
Calmar ratio: Return relative to maximum drawdown	3.84	2.15	+1.69
Martin ratio: Return relative to average drawdown	10.51	8.83	+1.69

UTIL.L vs. EFA - Sharpe Ratio Comparison

The current UTIL.L Sharpe Ratio is 1.88, which is comparable to the EFA Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of UTIL.L and EFA, 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. EFA - Drawdown Comparison

The maximum UTIL.L drawdown since its inception was -34.59%, smaller than the maximum EFA drawdown of -55.58%. Use the drawdown chart below to compare losses from any high point for UTIL.L and EFA.

Drawdown Indicators

	UTIL.L	EFA	Difference
Max Drawdown Largest peak-to-trough decline	-34.59%	-55.58%	+20.99%
Max Drawdown (1Y) Largest decline over 1 year	-7.30%	-9.60%	+2.30%
Max Drawdown (3Y) Largest decline over 3 years	-13.48%	-15.70%	+2.22%
Max Drawdown (5Y) Largest decline over 5 years	-22.12%	-17.18%	-4.94%
Max Drawdown (10Y) Largest decline over 10 years	-34.59%	-33.89%	-0.70%
Current Drawdown Current decline from peak	-2.96%	0.00%	-2.96%
Average Drawdown Average peak-to-trough decline	-6.01%	-11.02%	+5.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	2.35%	+0.32%

Volatility

UTIL.L vs. EFA - Volatility Comparison

SPDR MSCI Europe Utilities UCITS ETF (UTIL.L) has a higher volatility of 5.50% compared to iShares MSCI EAFE ETF (EFA) at 4.47%. This indicates that UTIL.L's price experiences larger fluctuations and is considered to be riskier than EFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTIL.L	EFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.50%	4.47%	+1.03%
Volatility (6M) Calculated over the trailing 6-month period	12.98%	11.36%	+1.62%
Volatility (1Y) Calculated over the trailing 1-year period	14.87%	13.60%	+1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.23%	14.06%	+2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.65%	16.00%	+1.65%

UTIL.L vs. EFA - Expense Ratio Comparison

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

Dividends

UTIL.L vs. EFA - Dividend Comparison

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

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 UTIL.L and EFA in my portfolio?

UTIL.L and EFA have a correlation of 0.27, 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 EFA?

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 EFA?

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

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

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