LENS vs. GVAL

Last updated Jun 25, 2026

LENS (Sarmaya Thematic ETF) and GVAL (Cambria Global Value ETF) are both Global Equities funds. Both are actively managed. Over the past year, LENS returned 39.98% vs 39.29% for GVAL. A 0.56 correlation means they provide meaningful diversification when combined. LENS charges 0.79%/yr vs 0.64%/yr for GVAL.

Performance

LENS vs. GVAL - Performance Comparison

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

Returns By Period

In the year-to-date period, LENS achieves a -1.00% return, which is significantly lower than GVAL's 15.95% return.

LENS

• 1D: -3.53%
• 1M: -13.12%
• YTD: -1.00%
• 6M: -3.33%
• 1Y: 39.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GVAL

• 1D: -1.23%
• 1M: 2.99%
• YTD: 15.95%
• 6M: 15.40%
• 1Y: 39.29%
• 3Y*: 26.91%
• 5Y*: 13.95%
• 10Y*: 11.68%

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

LENS vs. GVAL - Yearly Performance Comparison

	2026 (YTD)	2025
LENS Sarmaya Thematic ETF	-1.00%	56.41%
GVAL Cambria Global Value ETF	15.95%	47.96%

Correlation

The correlation between LENS and GVAL is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jan 29, 2025	0.56

The correlation between LENS and GVAL has been stable across timeframes, ranging from 0.56 to 0.59 - a consistent structural relationship.

Return for Risk

LENS vs. GVAL — 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: 39
LENS Omega Ratio Rank: 45
LENS Calmar Ratio Rank: 36
LENS Martin Ratio Rank: 37

GVAL

GVAL Risk / Return Rank: 81
GVAL Sharpe Ratio Rank: 87
GVAL Sortino Ratio Rank: 85
GVAL Omega Ratio Rank: 84
GVAL Calmar Ratio Rank: 75
GVAL Martin Ratio Rank: 76

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. GVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sarmaya Thematic ETF (LENS) and Cambria Global Value ETF (GVAL). 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	GVAL	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.54	-1.10
Sortino ratio: Return per unit of downside risk	1.82	3.39	-1.57
Omega ratio: Gain probability vs. loss probability	1.26	1.45	-0.19
Calmar ratio: Return relative to maximum drawdown	1.64	3.43	-1.80
Martin ratio: Return relative to average drawdown	5.26	13.04	-7.78

LENS vs. GVAL - Sharpe Ratio Comparison

The current LENS Sharpe Ratio is 1.44, which is lower than the GVAL Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of LENS and GVAL, 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. GVAL - Drawdown Comparison

The maximum LENS drawdown since its inception was -24.55%, smaller than the maximum GVAL drawdown of -46.82%. Use the drawdown chart below to compare losses from any high point for LENS and GVAL.

Drawdown Indicators

	LENS	GVAL	Difference
Max Drawdown Largest peak-to-trough decline	-24.55%	-46.82%	+22.27%
Max Drawdown (1Y) Largest decline over 1 year	-24.55%	-11.50%	-13.05%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.72%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.83%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.82%	—
Current Drawdown Current decline from peak	-24.55%	-3.51%	-21.04%
Average Drawdown Average peak-to-trough decline	-4.30%	-13.82%	+9.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.62%	3.02%	+4.60%

Volatility

LENS vs. GVAL - Volatility Comparison

Sarmaya Thematic ETF (LENS) has a higher volatility of 8.97% compared to Cambria Global Value ETF (GVAL) at 6.52%. This indicates that LENS's price experiences larger fluctuations and is considered to be riskier than GVAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LENS	GVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.97%	6.52%	+2.45%
Volatility (6M) Calculated over the trailing 6-month period	23.38%	13.85%	+9.53%
Volatility (1Y) Calculated over the trailing 1-year period	27.92%	15.62%	+12.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.03%	18.60%	+7.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.03%	19.01%	+7.02%

LENS vs. GVAL - Expense Ratio Comparison

LENS has a 0.79% expense ratio, which is higher than GVAL's 0.64% expense ratio.

Dividends

LENS vs. GVAL - Dividend Comparison

LENS's dividend yield for the trailing twelve months is around 1.62%, less than GVAL's 2.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GVAL Cambria Global Value ETF	2.46%	2.93%	4.75%	6.12%	5.05%	2.97%	1.90%	2.84%	4.65%	2.00%	2.54%	2.11%
LENS Sarmaya Thematic ETF	1.62%	1.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LENS and GVAL in my portfolio?

LENS and GVAL have a correlation of 0.59, 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 GVAL?

LENS has higher volatility (8.97%) compared to GVAL (6.52%). In terms of maximum drawdown, LENS dropped -24.55% vs GVAL's -46.82%.

Which ETF is better, LENS or GVAL?

On 1-year performance, LENS leads with 39.98% vs 39.29% for GVAL. On fees, GVAL is cheaper at 0.64% per year. On volatility, GVAL has been the lower-risk option at 6.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LENS or GVAL?

Over the 1-year period, LENS has performed better with a 39.98% return vs 39.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LENS or GVAL?

GVAL is cheaper with a 0.64% expense ratio, compared with 0.79% for LENS.

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

GVAL has the higher dividend yield at 2.46%, compared with 1.62% for LENS.

What is the main difference between LENS and GVAL?

They also come from different issuers: Sarmaya Partners and Cambria. Their fees differ too: 0.79% for LENS and 0.64% for GVAL.

Which has better risk-adjusted returns?

GVAL currently has the higher Sharpe Ratio (2.54 vs 1.44), 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.