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 Sarmaya Partners. DUST is passively managed, while LENS is actively managed. Over the past year, DUST returned -76.81% vs 61.82% for LENS. At a correlation of -0.87, they often move in opposite directions. 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 -26.71% return, which is significantly lower than LENS's 13.33% return.
DUST
- 1D
- 6.82%
- 1M
- -4.38%
- YTD
- -26.71%
- 6M
- -36.80%
- 1Y
- -76.81%
- 3Y*
- -62.09%
- 5Y*
- -47.20%
- 10Y*
- -53.65%
LENS
- 1D
- -1.54%
- 1M
- -1.68%
- YTD
- 13.33%
- 6M
- 18.33%
- 1Y
- 61.82%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DUST vs. LENS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | -26.71% | -85.87% |
LENS Sarmaya Thematic ETF | 13.33% | 56.21% |
Correlation
The correlation between DUST and LENS is -0.89, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.89 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | -0.87 |
The correlation between DUST and LENS has been stable across timeframes, ranging from -0.89 to -0.87 - 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.
| DUST | LENS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.19 | ||
| Sortino ratioReturn per unit of downside risk | -4.43 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.41 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 4.02 | -4.91 |
| Martin ratioReturn relative to average drawdown | -1.22 | 10.02 | -11.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DUST | LENS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.85 | 2.34 | -3.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.62 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | 2.09 | -2.60 |
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 -15.47%. 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% | -15.47% | -84.53% |
Max Drawdown (1Y)Largest decline over 1 year | -86.15% | -15.47% | -70.68% |
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% | -13.64% | -86.36% |
Average DrawdownAverage peak-to-trough decline | -83.35% | -3.71% | -79.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 62.85% | 6.19% | +56.66% |
Volatility
DUST vs. LENS - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 30.34% compared to Sarmaya Thematic ETF (LENS) at 6.16%. 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 | 30.34% | 6.16% | +24.18% |
Volatility (6M)Calculated over the trailing 6-month period | 72.12% | 22.07% | +50.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 90.34% | 26.54% | +63.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.13% | 25.49% | +46.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.19% | 25.49% | +61.70% |
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 8.90%, more than LENS's 1.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 8.90% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% |
LENS Sarmaya Thematic ETF | 1.41% | 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 -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUST has higher volatility (30.34%) compared to LENS (6.16%). In terms of maximum drawdown, DUST dropped -100.00% vs LENS's -15.47%.
On 1-year performance, LENS leads with 61.82% vs -76.81% for DUST. On fees, LENS is cheaper at 0.79% per year. On volatility, LENS has been the lower-risk option at 6.16%. 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 61.82% return vs -76.81%. 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 8.90%, compared with 1.41% for LENS.
DUST is categorized as Leveraged Equities, while LENS is Global Equities. They also come from different issuers: Direxion and Sarmaya Partners. Their fees differ too: 1.07% for DUST and 0.79% for LENS.
LENS currently has the higher Sharpe Ratio (2.34 vs -0.85), 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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