LENS vs SPY
Sarmaya Thematic ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. LENS delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | LENS | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.79% | 0.09% | |
| AUM | $63M | $821.1B | |
| Dividend Yield | 1.53% | 1.01% | |
| Holdings | 44 | 505 | |
| YTD Return | +22.47% | +12.68% | |
| 1Y Return | +62.78% | +21.82% | |
| 3Y Return (annualized) | - | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 27.6% | 15.3% | |
| Max Drawdown | -24.6% | -56.5% | |
| Fund Family | Sarmaya Partners | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 28, 2025 | Jan 22, 1993 |
LENS vs SPY Performance
Sarmaya Thematic ETF (LENS) is a ETF from Sarmaya Partners and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year LENS returned +62.78% while SPY returned +21.82%. Year to date, LENS is up 22.47% versus a gain of 12.68% for SPY.
Risk: Volatility and Drawdowns
LENS has been the more volatile fund, with annualized monthly volatility of 27.6% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -24.6% for LENS and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.08. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
LENS charges 0.79% per year while SPY charges 0.09%. On a $10,000 position that is $79 vs $9 annually, a gap of $70 per year that compounds over a long holding period. On income, LENS currently yields 1.53% against 1.01% for SPY.
Holdings Overlap
LENS and SPY share 8 holdings out of 540 unique holdings combined, representing a 2.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, LENS or SPY?
LENS has an expense ratio of 0.79% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $70 per year of difference.
Which performed better, LENS or SPY?
Over the past year LENS returned +62.78% vs +21.82% for SPY, so LENS leads on 1-year performance. Over the longest common window we track (2 years), LENS annualized +50.58% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, LENS or SPY?
LENS has been the more volatile fund at 27.6% annualized versus 15.3% for SPY. Worst drawdown: LENS -24.6% vs SPY -56.5%.
Should I hold both LENS and SPY?
LENS and SPY have a monthly-return correlation of 0.08, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between LENS and SPY?
LENS and SPY share 8 common holdings with a 2.0% weight overlap. Combined, they hold 540 unique securities.
Which pays a higher dividend, LENS or SPY?
LENS yields 1.53% while SPY yields 1.01%, so LENS currently pays the higher dividend yield.
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