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This  approach  is motivated by the observation that the portfolio chosen by either criterion may degenerate to one of the most uninformative portfolios. More precisely, while optimizing for the worst-case utility may yield an overly pessimistic portfolio, optimizing for the worst-case regret may result in a complete loss of robustness; it is demonstrated in the paper. Thus, seeking a trade-off between the two portfolios is sometimes necessary, not only desirable. On this way, it is proved  that, under a widely used ellipsoidal uncertainty model, the entire optimal trade-off curve can be found via solving a series of semidefinite programs (SDPs). Then   the model is extended to handle the union of finitely many ellipsoids, and it is shown that trade-off analysis under this quite general uncertainty model also reduces to a series of SDPs. 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