LENS vs. COPY

Last updated Jul 17, 2026

LENS (Sarmaya Thematic ETF) and COPY (Tweedy, Browne Insider + Value ETF) are both Global Equities funds. Both are actively managed. Over the past year, LENS returned 37.16% vs 30.93% for COPY. At a 0.43 correlation, their price movements are largely independent. LENS charges 0.79%/yr vs 0.80%/yr for COPY.

Performance

LENS vs. COPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sarmaya Thematic ETF (LENS) and Tweedy, Browne Insider + Value ETF (COPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LENS achieves a 0.29% return, which is significantly lower than COPY's 18.84% return.

LENS

• 1D: -2.14%
• 1M: -8.59%
• 6M: -11.03%
• YTD: 0.29%
• 1Y: 37.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

COPY

• 1D: 0.95%
• 1M: 2.00%
• 6M: 13.89%
• YTD: 18.84%
• 1Y: 30.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LENS vs. COPY - Yearly Performance Comparison

	2026 (YTD)	2025
LENS Sarmaya Thematic ETF	0.29%	56.41%
COPY Tweedy, Browne Insider + Value ETF	18.84%	25.08%

Correlation

The correlation between LENS and COPY is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jan 29, 2025	0.43

Return for Risk

LENS vs. COPY — Risk / Return Rank

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

LENS

LENS Risk / Return Rank: 41
LENS Sharpe Ratio Rank: 47
LENS Sortino Ratio Rank: 40
LENS Omega Ratio Rank: 47
LENS Calmar Ratio Rank: 36
LENS Martin Ratio Rank: 33

COPY

COPY Risk / Return Rank: 86
COPY Sharpe Ratio Rank: 89
COPY Sortino Ratio Rank: 90
COPY Omega Ratio Rank: 87
COPY Calmar Ratio Rank: 81
COPY Martin Ratio Rank: 84

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.

LENS vs. COPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sarmaya Thematic ETF (LENS) and Tweedy, Browne Insider + Value ETF (COPY). 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	COPY	Difference
Sharpe ratio: Return per unit of total volatility	1.34	2.37	-1.03
Sortino ratio: Return per unit of downside risk	1.72	3.45	-1.73
Omega ratio: Gain probability vs. loss probability	1.25	1.42	-0.18
Calmar ratio: Return relative to maximum drawdown	1.52	3.43	-1.91
Martin ratio: Return relative to average drawdown	3.95	13.14	-9.19

LENS vs. COPY - Sharpe Ratio Comparison

The current LENS Sharpe Ratio is 1.34, which is lower than the COPY Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of LENS and COPY, 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. COPY - Drawdown Comparison

The maximum LENS drawdown since its inception was -24.55%, which is greater than COPY's maximum drawdown of -14.05%. Use the drawdown chart below to compare losses from any high point for LENS and COPY.

Drawdown Indicators

	LENS	COPY	Difference
Max Drawdown Largest peak-to-trough decline	-24.55%	-14.05%	-10.50%
Max Drawdown (1Y) Largest decline over 1 year	-24.55%	-9.07%	-15.48%
Current Drawdown Current decline from peak	-23.57%	0.00%	-23.57%
Average Drawdown Average peak-to-trough decline	-5.05%	-1.52%	-3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.43%	2.36%	+7.07%

Volatility

LENS vs. COPY - Volatility Comparison

Sarmaya Thematic ETF (LENS) has a higher volatility of 6.23% compared to Tweedy, Browne Insider + Value ETF (COPY) at 2.50%. This indicates that LENS's price experiences larger fluctuations and is considered to be riskier than COPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LENS	COPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.23%	2.50%	+3.73%
Volatility (6M) Calculated over the trailing 6-month period	22.41%	10.24%	+12.17%
Volatility (1Y) Calculated over the trailing 1-year period	27.94%	13.12%	+14.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.68%	16.98%	+8.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.68%	16.98%	+8.70%

LENS vs. COPY - Expense Ratio Comparison

LENS has a 0.79% expense ratio, which is lower than COPY's 0.80% expense ratio.

Dividends

LENS vs. COPY - Dividend Comparison

LENS's dividend yield for the trailing twelve months is around 1.59%, more than COPY's 0.80% yield.

Position	TTM	2025
COPY Tweedy, Browne Insider + Value ETF	0.80%	0.95%
LENS Sarmaya Thematic ETF	1.59%	1.60%

Frequently Asked Questions

Can I hold both LENS and COPY in my portfolio?

LENS and COPY have a correlation of 0.47, 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 COPY?

LENS has higher volatility (6.23%) compared to COPY (2.50%). In terms of maximum drawdown, LENS dropped -24.55% vs COPY's -14.05%.

Which ETF is better, LENS or COPY?

On 1-year performance, LENS leads with 37.16% vs 30.93% for COPY. On fees, LENS is cheaper at 0.79% per year. On volatility, COPY has been the lower-risk option at 2.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LENS or COPY?

Over the 1-year period, LENS has performed better with a 37.16% return vs 30.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LENS or COPY?

LENS is cheaper with a 0.79% expense ratio, compared with 0.80% for COPY.

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

LENS has the higher dividend yield at 1.59%, compared with 0.80% for COPY.

What is the main difference between LENS and COPY?

They also come from different issuers: Sarmaya Partners and Tweedy, Browne. Their fees differ too: 0.79% for LENS and 0.80% for COPY.

Which has better risk-adjusted returns?

COPY currently has the higher Sharpe Ratio (2.37 vs 1.34), 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.