LENS vs SPY
Sarmaya Thematic ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, LENS or SPY?
Mid Cap Value against Large Cap Blend.
SPY has a lower expense ratio. LENS led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 44.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | LENS | SPY |
|---|---|---|
| Expense Ratio | 0.79% | 0.09%Best |
| AUM | $66M | $804.7B |
| Dividend Yield | 1.53% | 0.98% |
| Holdings | 45 | 505 |
| YTD Return | +19.87%Best | +11.52% |
| 1Y Return | +46.82%Best | +17.48% |
| 3Y Return (annualized) | - | +20.62% |
| 5Y Return (annualized) | - | +12.73% |
| Volatility (annualized) | 26.5% | 13.0%Best |
| Max Drawdown | -24.6% | -18.8%Best |
| $10,000 over 1.6 years | $18,430Best | $12,784 |
| Top 10 Weight | 44.0% | 38.0%Best |
| Fund Family | Sarmaya Partners | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Value | Large Cap Blend |
| Inception | Jan 28, 2025 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1.6 years row, are measured over the window both funds cover: Jan 29, 2025 to Sep 10, 2026 (1.6 years).
LENS vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.6 years both funds cover.
LENS vs SPY Performance
Sarmaya Thematic ETF (LENS) is an ETF from Sarmaya Partners and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year LENS returned +46.82% while SPY returned +17.48%. Year to date, LENS is up 19.87% versus a gain of 11.52% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
LENS has been the more volatile fund, with annualized monthly volatility of 26.5% compared with 13.0% 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 -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.10. They move largely independently of each other.
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 0.98% for SPY.
Holdings Overlap
19.9% of LENS's money is in holdings SPY also owns. 2.0% of SPY's money is in holdings LENS also owns.
LENS and SPY share little of their money.
8 positions in common, counted across the 45 positions we hold weights for in LENS and 504 in SPY, against full books of 45 and 505.
What only one of them owns
Our book lists 487 positions for SPY that do not appear in our book for LENS (97.6% of the fund), and 18 for LENS that do not appear in SPY (47.4%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in LENS | Weight in SPY | Difference |
|---|---|---|---|
| XOMExxon Mobil Corp. | 4.64% | 0.96% | 3.68% |
| CVXChevron Corp. | 4.59% | 0.54% | 4.05% |
| PSXPhillips 66 | 2.36% | 0.12% | 2.24% |
| SLBSchlumberger Nv. | 2.30% | 0.11% | 2.19% |
| DVNDevon Energy Corp. | 2.12% | 0.08% | 2.04% |
| BKRBaker Hughes A Ge Co. Class A | 1.65% | 0.09% | 1.56% |
| CFCf Industries Holdings Inc. | 1.14% | 0.03% | 1.11% |
| HAL:MBHindustan Aeronautics Ltd | 1.09% | 0.04% | 1.05% |
You are not choosing between two funds in isolation.
Whichever of LENS and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $70 a year on a $10,000 investment.
Which performed better, LENS or SPY?
Over the past year LENS returned +46.82% vs +17.48% for SPY, so LENS leads on 1-year performance. Over the longest common window we track (2 years), LENS annualized +46.54% vs +16.59% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, LENS or SPY?
LENS has been the more volatile fund at 26.5% annualized versus 13.0% for SPY. Worst drawdown: LENS -24.6% vs SPY -18.8%.
Should I hold both LENS and SPY?
LENS and SPY have a monthly-return correlation of 0.10, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between LENS and SPY?
19.9% of LENS's money is in holdings SPY also owns. 2.0% of SPY's is in holdings LENS also owns. They hold 8 positions in common, counted across the 45 positions we hold weights for in LENS and 504 in SPY.
Which pays a higher dividend, LENS or SPY?
LENS yields 1.53% while SPY yields 0.98%, so LENS currently pays the higher dividend yield.
Is SPY better than LENS?
SPY has a lower expense ratio. LENS led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 44.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.