AZTD vs. LENS

Last updated Jun 5, 2026

AZTD (Aztlan Global Stock Selection Dm SMID ETF) and LENS (Sarmaya Thematic ETF) are both Global Equities funds. AZTD is passively managed, while LENS is actively managed. Over the past year, AZTD returned 25.47% vs 62.80% for LENS. At a 0.42 correlation, their price movements are largely independent. AZTD charges 0.75%/yr vs 0.79%/yr for LENS.

Performance

AZTD vs. LENS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aztlan Global Stock Selection Dm SMID ETF (AZTD) and Sarmaya Thematic ETF (LENS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with AZTD having a 13.87% return and LENS slightly higher at 14.00%.

AZTD

• 1D: 0.93%
• 1M: 0.74%
• YTD: 13.87%
• 6M: 15.86%
• 1Y: 25.47%
• 3Y*: 17.68%
• 5Y*: —
• 10Y*: —

LENS

• 1D: 0.60%
• 1M: -1.09%
• YTD: 14.00%
• 6M: 18.98%
• 1Y: 62.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AZTD vs. LENS - Yearly Performance Comparison

	2026 (YTD)	2025
AZTD Aztlan Global Stock Selection Dm SMID ETF	13.87%	21.11%
LENS Sarmaya Thematic ETF	14.00%	56.21%

Correlation

The correlation between AZTD and LENS is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025	0.42

Return for Risk

AZTD vs. LENS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AZTD

AZTD Risk / Return Rank: 44
AZTD Sharpe Ratio Rank: 43
AZTD Sortino Ratio Rank: 43
AZTD Omega Ratio Rank: 41
AZTD Calmar Ratio Rank: 47
AZTD Martin Ratio Rank: 47

LENS

LENS Risk / Return Rank: 68
LENS Sharpe Ratio Rank: 74
LENS Sortino Ratio Rank: 59
LENS Omega Ratio Rank: 70
LENS Calmar Ratio Rank: 80
LENS Martin Ratio Rank: 58

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.

AZTD vs. LENS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aztlan Global Stock Selection Dm SMID ETF (AZTD) and Sarmaya Thematic ETF (LENS). 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.

	AZTD	LENS	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.38	-0.90
Sortino ratio: Return per unit of downside risk	2.12	2.73	-0.61
Omega ratio: Gain probability vs. loss probability	1.26	1.41	-0.16
Calmar ratio: Return relative to maximum drawdown	2.29	4.08	-1.79
Martin ratio: Return relative to average drawdown	7.58	10.09	-2.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AZTD vs. LENS - Sharpe Ratio Comparison

The current AZTD Sharpe Ratio is 1.48, which is lower than the LENS Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of AZTD and LENS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AZTD	LENS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	2.38	-0.90
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	2.12	-1.34

Drawdowns

AZTD vs. LENS - Drawdown Comparison

The maximum AZTD drawdown since its inception was -16.75%, which is greater than LENS's maximum drawdown of -15.47%. Use the drawdown chart below to compare losses from any high point for AZTD and LENS.

Drawdown Indicators

	AZTD	LENS	Difference
Max Drawdown Largest peak-to-trough decline	-16.75%	-15.47%	-1.28%
Max Drawdown (1Y) Largest decline over 1 year	-11.19%	-15.47%	+4.28%
Max Drawdown (3Y) Largest decline over 3 years	-16.75%	—	—
Current Drawdown Current decline from peak	-1.93%	-13.12%	+11.19%
Average Drawdown Average peak-to-trough decline	-3.87%	-3.74%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	6.24%	-2.87%

Volatility

AZTD vs. LENS - Volatility Comparison

The current volatility for Aztlan Global Stock Selection Dm SMID ETF (AZTD) is 5.06%, while Sarmaya Thematic ETF (LENS) has a volatility of 6.20%. This indicates that AZTD experiences smaller price fluctuations and is considered to be less risky than LENS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AZTD	LENS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	6.20%	-1.14%
Volatility (6M) Calculated over the trailing 6-month period	13.09%	22.04%	-8.95%
Volatility (1Y) Calculated over the trailing 1-year period	17.35%	26.54%	-9.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.55%	25.45%	-6.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.55%	25.45%	-6.90%

AZTD vs. LENS - Expense Ratio Comparison

AZTD has a 0.75% expense ratio, which is lower than LENS's 0.79% expense ratio.

Dividends

AZTD vs. LENS - Dividend Comparison

AZTD's dividend yield for the trailing twelve months is around 0.92%, less than LENS's 1.40% yield.

Position	TTM	2025	2024	2023
AZTD Aztlan Global Stock Selection Dm SMID ETF	0.92%	1.05%	1.87%	0.12%
LENS Sarmaya Thematic ETF	1.40%	1.60%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AZTD and LENS in my portfolio?

AZTD and LENS have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AZTD or LENS?

LENS has higher volatility (6.20%) compared to AZTD (5.06%). In terms of maximum drawdown, AZTD dropped -16.75% vs LENS's -15.47%.

Which ETF is better, AZTD or LENS?

On 1-year performance, LENS leads with 62.80% vs 25.47% for AZTD. On fees, AZTD is cheaper at 0.75% per year. On volatility, AZTD has been the lower-risk option at 5.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AZTD or LENS?

Over the 1-year period, LENS has performed better with a 62.80% return vs 25.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AZTD or LENS?

AZTD is cheaper with a 0.75% expense ratio, compared with 0.79% for LENS.

Which ETF pays a higher dividend yield, AZTD or LENS?

LENS has the higher dividend yield at 1.40%, compared with 0.92% for AZTD.

What is the main difference between AZTD and LENS?

They also come from different issuers: Aztlan and Sarmaya Partners. Their fees differ too: 0.75% for AZTD and 0.79% for LENS.

Which has better risk-adjusted returns?

LENS currently has the higher Sharpe Ratio (2.38 vs 1.48), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.