MSLC vs UTG

Comparison between MORGAN STANLEY PATHWAY LARGE CAP EQUITY ETF (MSLC, ETF) and Reaves Utility Income Fund (UTG, ETF).

MSLC vs UTG - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	MSLC(ETF)	UTG(ETF)
Net Assets	$4B	$4B
Expense Ratio	0.39%	N/A
Max Drawdown	17.86%	71.97%
Sharpe Ratio	1.25	1.19
5Y Beta	0.93	0.50
P/E Ratio	26.26	N/A
Forward P/E	20.81	N/A
5Y Dividends CAGR	N/A	1.97%
5Y EPS CAGR	24.91%	N/A
P/S Ratio	3.03	N/A
P/B Ratio	5.06	N/A

Net Assets

MSLC

$4B

UTG

$4B

Expense Ratio

MSLC

0.39%

UTG

N/A

Max Drawdown

Winner

MSLC

17.86%

UTG

71.97%

Sharpe Ratio

Winner

MSLC

1.25

UTG

1.19

5Y Beta

MSLC

0.93

Winner

UTG

0.50

P/E Ratio

MSLC

26.26

UTG

N/A

Forward P/E

MSLC

20.81

UTG

N/A

5Y Dividends CAGR

MSLC

N/A

UTG

1.97%

5Y EPS CAGR

MSLC

24.91%

UTG

N/A

P/S Ratio

MSLC

3.03

UTG

N/A

P/B Ratio

MSLC

5.06

UTG

N/A

MSLC vs UTG - Historical Returns

Returns include dividend reinvestment.

Period	MSLC	UTG
1 month	+0.51%	-5.60%
3 months	+10.40%	+3.08%
6 months	+7.59%	+13.51%
1 year	+19.49%	+23.61%
5 years(CAGR)	N/A	+10.74%
10 years(CAGR)	N/A	+10.22%
Max(CAGR)	+12.76%	+11.08%

Winner

MSLC

+0.51%

UTG

-5.60%

Winner

MSLC

+10.40%

UTG

+3.08%

MSLC

+7.59%

Winner

UTG

+13.51%

MSLC

+19.49%

Winner

UTG

+23.61%

5Y(CAGR)

MSLC

N/A

UTG

+10.74%

10Y(CAGR)

MSLC

N/A

UTG

+10.22%

Max(CAGR)

Winner

MSLC

+12.76%

UTG

+11.08%

MSLC vs UTG - Annual Returns (2004 - 2026)

Returns include dividend reinvestment.

Year	MSLC	UTG
2026	+6.90%	+12.09%
2025	+15.85%	+22.37%
2024	-3.29%	+26.78%
2023	N/A	+1.15%
2022	N/A	-13.56%
2021	N/A	+14.73%
2020	N/A	-5.97%
2019	N/A	+34.02%
2018	N/A	+2.33%
2017	N/A	+5.13%
2016	N/A	+29.83%
2015	N/A	-13.79%
2014	N/A	+39.83%
2013	N/A	+10.08%
2012	N/A	+1.56%
2011	N/A	+23.57%
2010	N/A	+24.97%
2009	N/A	+61.39%
2008	N/A	-48.71%
2007	N/A	+13.03%
2006	N/A	+31.94%
2005	N/A	+3.28%
2004	N/A	+5.01%

MSLC vs UTG Drawdown Comparison

The maximum drawdown for MSLC was -17.86%, occurring on Apr 8, 2025. Recovery took 88 trading sessions.

The maximum drawdown for UTG was -67.75%, occurring on Mar 9, 2009. Recovery took 642 trading sessions.

The current MSLC drawdown is -2.13%. The current UTG drawdown is -6.16%.

Rank	MSLC	UTG
#1	-17.86% Feb 19, 2025 - Jun 26, 2025	-67.75% Jan 11, 2008 - Jul 30, 2010
#2	-9.31% Jan 12, 2026 - Apr 15, 2026	-47.96% Feb 12, 2020 - Sep 2, 2021
#3	-5.29% Oct 28, 2025 - Dec 11, 2025	-26.50% Apr 20, 2022 - Aug 15, 2024
#4	-4.51% Dec 11, 2024 - Jan 22, 2025	-22.66% Feb 3, 2015 - May 12, 2016
#5	-4.08% Jun 1, 2026 - Jun 10, 2026	-22.28% Aug 24, 2017 - Mar 18, 2019
#6	-2.85% Oct 8, 2025 - Oct 24, 2025	-21.31% Jul 25, 2011 - Sep 20, 2011
#7	-2.51% Jul 25, 2025 - Aug 12, 2025	-20.10% Mar 17, 2004 - Dec 22, 2004
#8	-2.43% Dec 11, 2025 - Dec 23, 2025	-15.96% Jul 3, 2012 - Mar 13, 2013
#9	-1.83% May 14, 2026 - May 26, 2026	-15.30% May 21, 2007 - Oct 31, 2007
#10	-1.57% Sep 22, 2025 - Oct 3, 2025	-14.94% Nov 27, 2024 - May 15, 2025
#11	-1.49% Jan 23, 2025 - Feb 18, 2025	-14.92% Sep 7, 2005 - Jul 26, 2006
#12	-1.43% Aug 14, 2025 - Aug 22, 2025	-13.54% May 17, 2013 - Feb 11, 2014
#13	-1.22% Aug 28, 2025 - Sep 8, 2025	-11.66% Jul 11, 2016 - Dec 27, 2016
#14	-1.12% Dec 26, 2025 - Jan 6, 2026	-11.57% Oct 15, 2025 - Feb 17, 2026
#15	-0.83% Jul 3, 2025 - Jul 17, 2025	-11.30% Sep 3, 2021 - Apr 20, 2022

Correlation

Correlation between MSLC and UTG is 0.92 which considered as a very strong positive correlation - the stocks move almost identically together.

0.92

-101

Dividend Comparison (2004 - 2026)

MSLC vs UTG dividend yield comparison.

Year	MSLC	UTG
2026	0.00%	1.96%
2025	2.15%	6.42%
2024	0.00%	7.19%
2023	0.00%	8.53%
2022	0.00%	8.07%
2021	0.00%	6.35%
2020	0.00%	6.59%
2019	0.00%	5.69%
2018	0.00%	6.86%
2017	0.00%	6.21%
2016	0.00%	9.02%
2015	0.00%	6.86%
2014	0.00%	5.06%
2013	0.00%	6.31%
2012	0.00%	6.30%
2011	0.00%	6.49%
2010	0.00%	6.17%
2009	0.00%	7.78%
2008	0.00%	13.58%
2007	0.00%	8.08%
2006	0.00%	5.47%
2005	0.00%	7.65%
2004	0.00%	4.88%