LENS vs. BOAT

Last updated Aug 5, 2026

LENS (Sarmaya Thematic ETF) and BOAT (SonicShares Global Shipping ETF) are both exchange-traded funds - LENS is a Global Equities fund actively managed by Alpha Architect, while BOAT is a Industrials Equities fund tracking the Solactive Global Shipping Index. LENS is actively managed, while BOAT is passively managed. Over the past year, LENS returned 47.33% vs 56.33% for BOAT. Their 0.32 correlation means their historical movements had little consistent relationship. LENS charges 0.79%/yr vs 0.69%/yr for BOAT.

Performance

LENS vs. BOAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sarmaya Thematic ETF (LENS) and SonicShares Global Shipping ETF (BOAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LENS achieves a 6.15% return, which is significantly lower than BOAT's 44.44% return.

LENS

• 1D: 0.99%
• 1M: 4.38%
• 6M: -10.73%
• YTD: 6.15%
• 1Y: 47.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 39.86%

BOAT

• 1D: -0.44%
• 1M: 12.97%
• 6M: 26.12%
• YTD: 44.44%
• 1Y: 56.33%
• 3Y*: 26.76%
• 5Y*: 24.35%
• 10Y*: —
• ALL TIME*: 24.70%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BOAT SonicShares Global Shipping ETF	$1.71M	$1.08M	$1.05M
LENS Sarmaya Thematic ETF	$413.47K	$347.71K	$437.62K

LENS vs. BOAT - Yearly Performance Comparison

	2026 (YTD)	2025
LENS Sarmaya Thematic ETF	6.15%	56.41%
BOAT SonicShares Global Shipping ETF	44.44%	27.52%

Correlation

The correlation between LENS and BOAT is 0.29, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.29
Correlation (All Time) Calculated using the full available price history since Jan 29, 2025	0.32

Return for Risk

LENS vs. BOAT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

LENS

LENS Risk / Return Rank: 52
LENS Sharpe Ratio Rank: 64
LENS Sortino Ratio Rank: 51
LENS Omega Ratio Rank: 62
LENS Calmar Ratio Rank: 47
LENS Martin Ratio Rank: 38

BOAT

BOAT Risk / Return Rank: 91
BOAT Sharpe Ratio Rank: 94
BOAT Sortino Ratio Rank: 92
BOAT Omega Ratio Rank: 89
BOAT Calmar Ratio Rank: 93
BOAT Martin Ratio Rank: 86

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

LENS vs. BOAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sarmaya Thematic ETF (LENS) and SonicShares Global Shipping ETF (BOAT). 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.

	LENS	BOAT	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.74	-1.05
Sortino ratio: Return per unit of downside risk	2.07	3.59	-1.51
Omega ratio: Gain probability vs. loss probability	1.30	1.44	-0.14
Calmar ratio: Return relative to maximum drawdown	1.94	4.88	-2.94
Martin ratio: Return relative to average drawdown	4.51	13.77	-9.26

LENS vs. BOAT - Sharpe Ratio Comparison

The current LENS Sharpe Ratio is 1.70, which is lower than the BOAT Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of LENS and BOAT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

LENS vs. BOAT - Drawdown Comparison

The maximum LENS drawdown since its inception was -24.55%, smaller than the maximum BOAT drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for LENS and BOAT.

Drawdown Indicators

	LENS	BOAT	Difference
Max Drawdown Largest peak-to-trough decline	-24.55%	-33.94%	+9.39%
Max Drawdown (1Y) Largest decline over 1 year	-24.55%	-11.60%	-12.95%
Max Drawdown (3Y) Largest decline over 3 years	—	-33.94%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.94%	—
Current Drawdown Current decline from peak	-19.11%	-0.97%	-18.14%
Average Drawdown Average peak-to-trough decline	-5.59%	-9.50%	+3.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.53%	4.10%	+6.43%

Volatility

LENS vs. BOAT - Volatility Comparison

The current volatility for Sarmaya Thematic ETF (LENS) is 5.48%, while SonicShares Global Shipping ETF (BOAT) has a volatility of 6.47%. This indicates that LENS experiences smaller price fluctuations and is considered to be less risky than BOAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LENS	BOAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.48%	6.47%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	19.98%	16.87%	+3.11%
Volatility (1Y) Calculated over the trailing 1-year period	28.07%	20.69%	+7.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.50%	25.05%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.50%	25.05%	+0.45%

LENS vs. BOAT - Expense Ratio Comparison

LENS has a 0.79% expense ratio, which is higher than BOAT's 0.69% expense ratio.

Dividends

LENS vs. BOAT - Dividend Comparison

LENS's dividend yield for the trailing twelve months is around 1.51%, less than BOAT's 6.37% yield.

Position	TTM	2025	2024	2023	2022	2021
BOAT SonicShares Global Shipping ETF	6.37%	8.08%	13.89%	13.65%	13.57%	1.36%
LENS Sarmaya Thematic ETF	1.51%	1.60%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LENS and BOAT in my portfolio?

LENS and BOAT have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LENS or BOAT?

BOAT has higher volatility (6.47%) compared to LENS (5.48%). In terms of maximum drawdown, LENS dropped -24.55% vs BOAT's -33.94%.

Which ETF is better, LENS or BOAT?

On 1-year performance, BOAT leads with 56.33% vs 47.33% for LENS. On fees, BOAT is cheaper at 0.69% per year. On volatility, LENS has been the lower-risk option at 5.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LENS or BOAT?

Over the 1-year period, BOAT has performed better with a 56.33% return vs 47.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LENS or BOAT?

BOAT is cheaper with a 0.69% expense ratio, compared with 0.79% for LENS.

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

BOAT has the higher dividend yield at 6.37%, compared with 1.51% for LENS.

What is the main difference between LENS and BOAT?

LENS is categorized as Global Equities, while BOAT is Industrials Equities. They also come from different issuers: Alpha Architect and Tidal. Their fees differ too: 0.79% for LENS and 0.69% for BOAT.

Which has better risk-adjusted returns?

BOAT currently has the higher Sharpe Ratio (2.74 vs 1.70), 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.