DUST vs. LENS
DUST (Direxion Daily Gold Miners Bear 2X Shares) and LENS (Sarmaya Thematic ETF) are both exchange-traded funds - DUST is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (-300%), while LENS is a Global Equities fund actively managed by Alpha Architect. DUST is passively managed, while LENS is actively managed. Over the past year, DUST returned -72.70% vs 48.47% for LENS. Their -0.88 correlation means they have often moved in opposite directions in the past. DUST charges 1.07%/yr vs 0.79%/yr for LENS.
Performance
DUST vs. LENS - Performance Comparison
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Returns By Period
In the year-to-date period, DUST achieves a -13.22% return, which is significantly lower than LENS's 4.83% return.
DUST
- 1D
- 6.62%
- 1M
- 8.88%
- 6M
- 12.29%
- YTD
- -13.22%
- 1Y
- -72.70%
- 3Y*
- -60.67%
- 5Y*
- -47.24%
- 10Y*
- -48.81%
- ALL TIME*
- -48.48%
LENS
- 1D
- 0.09%
- 1M
- 3.09%
- 6M
- -9.06%
- YTD
- 4.83%
- 1Y
- 48.47%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 39.04%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.19M | $36.63M | $44.10M | |
| $447.09K | $425.48K | $464.75K |
DUST vs. LENS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | -13.22% | -86.02% |
LENS Sarmaya Thematic ETF | 4.83% | 56.41% |
Correlation
The correlation between DUST and LENS is -0.90, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.90 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2025 | -0.88 |
The correlation between DUST and LENS has been stable across timeframes, ranging from -0.90 to -0.88 - a consistent structural relationship.
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Return for Risk
DUST vs. LENS — Risk / Return Rank
DUST
LENS
DUST vs. LENS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bear 2X Shares (DUST) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DUST | LENS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.52 | ||
| Sortino ratioReturn per unit of downside risk | -3.45 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.31 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 2.00 | -2.87 |
| Martin ratioReturn relative to average drawdown | -1.09 | 4.72 | -5.81 |
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Drawdowns
DUST vs. LENS - Drawdown Comparison
The maximum DUST drawdown since its inception was -100.00%, which is greater than LENS's maximum drawdown of -24.55%. Use the drawdown chart below to compare losses from any high point for DUST and LENS.
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Drawdown Indicators
| DUST | LENS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -24.55% | -75.45% |
Max Drawdown (1Y)Largest decline over 1 year | -85.03% | -24.55% | -60.48% |
Max Drawdown (3Y)Largest decline over 3 years | -97.55% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -98.68% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -20.11% | -79.89% |
Average DrawdownAverage peak-to-trough decline | -83.50% | -5.52% | -77.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.24% | 10.38% | +57.86% |
Volatility
DUST vs. LENS - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 25.85% compared to Sarmaya Thematic ETF (LENS) at 5.66%. This indicates that DUST's price experiences larger fluctuations and is considered to be riskier than LENS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DUST | LENS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.85% | 5.66% | +20.19% |
Volatility (6M)Calculated over the trailing 6-month period | 77.14% | 22.09% | +55.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 96.41% | 28.06% | +68.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.80% | 25.56% | +48.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 86.65% | 25.56% | +61.09% |
DUST vs. LENS - Expense Ratio Comparison
DUST has a 1.07% expense ratio, which is higher than LENS's 0.79% expense ratio.
Dividends
DUST vs. LENS - Dividend Comparison
DUST's dividend yield for the trailing twelve months is around 4.37%, more than LENS's 1.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 4.37% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% |
LENS Sarmaya Thematic ETF | 1.53% | 1.60% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DUST and LENS have a correlation of -0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUST has higher volatility (25.85%) compared to LENS (5.66%). In terms of maximum drawdown, DUST dropped -100.00% vs LENS's -24.55%.
On 1-year performance, LENS leads with 48.47% vs -72.70% for DUST. On fees, LENS is cheaper at 0.79% per year. On volatility, LENS has been the lower-risk option at 5.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, LENS has performed better with a 48.47% return vs -72.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LENS is cheaper with a 0.79% expense ratio, compared with 1.07% for DUST.
DUST has the higher dividend yield at 4.37%, compared with 1.53% for LENS.
DUST is categorized as Leveraged Equities, while LENS is Global Equities. They also come from different issuers: Direxion and Alpha Architect. Their fees differ too: 1.07% for DUST and 0.79% for LENS.
LENS currently has the higher Sharpe Ratio (1.75 vs -0.76), 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.
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