LENS vs. IVAL
LENS (Sarmaya Thematic ETF) and IVAL (Alpha Architect International Quantitative Value ETF) are both exchange-traded funds - LENS is a Global Equities fund actively managed by Alpha Architect, while IVAL is a Foreign Large Cap Equities fund actively managed by Alpha Architect. Both are actively managed. Over the past year, LENS returned 47.33% vs 32.66% for IVAL. Their 0.51 correlation means they have sometimes moved together and sometimes differently. LENS charges 0.79%/yr vs 0.39%/yr for IVAL.
Performance
LENS vs. IVAL - Performance Comparison
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Returns By Period
In the year-to-date period, LENS achieves a 6.15% return, which is significantly lower than IVAL's 17.27% return.
LENS
- 1D
- 0.99%
- 1M
- 4.38%
- 6M
- -10.73%
- YTD
- 6.15%
- 1Y
- 47.33%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 39.86%
IVAL
- 1D
- 0.17%
- 1M
- 4.58%
- 6M
- 7.33%
- YTD
- 17.27%
- 1Y
- 32.66%
- 3Y*
- 18.54%
- 5Y*
- 10.08%
- 10Y*
- 8.06%
- ALL TIME*
- 6.69%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $687.80K | $500.06K | $666.23K | |
| $413.47K | $347.71K | $437.62K |
LENS vs. IVAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
LENS Sarmaya Thematic ETF | 6.15% | 56.41% |
IVAL Alpha Architect International Quantitative Value ETF | 17.27% | 33.64% |
Correlation
The correlation between LENS and IVAL is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2025 | 0.51 |
The correlation between LENS and IVAL has been stable across timeframes, ranging from 0.51 to 0.54 - a consistent structural relationship.
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Return for Risk
LENS vs. IVAL — Risk / Return Rank
LENS
IVAL
LENS vs. IVAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sarmaya Thematic ETF (LENS) and Alpha Architect International Quantitative Value ETF (IVAL). 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 | IVAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.38 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | 2.92 | -0.98 |
| Martin ratioReturn relative to average drawdown | 4.51 | 9.51 | -5.00 |
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Drawdowns
LENS vs. IVAL - Drawdown Comparison
The maximum LENS drawdown since its inception was -24.55%, smaller than the maximum IVAL drawdown of -46.09%. Use the drawdown chart below to compare losses from any high point for LENS and IVAL.
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Drawdown Indicators
| LENS | IVAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.55% | -46.09% | +21.54% |
Max Drawdown (1Y)Largest decline over 1 year | -24.55% | -11.24% | -13.31% |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.92% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.51% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.09% | — |
Current DrawdownCurrent decline from peak | -19.11% | -1.68% | -17.43% |
Average DrawdownAverage peak-to-trough decline | -5.59% | -11.87% | +6.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.53% | 3.44% | +7.09% |
Volatility
LENS vs. IVAL - Volatility Comparison
Sarmaya Thematic ETF (LENS) has a higher volatility of 5.48% compared to Alpha Architect International Quantitative Value ETF (IVAL) at 4.16%. This indicates that LENS's price experiences larger fluctuations and is considered to be riskier than IVAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LENS | IVAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.48% | 4.16% | +1.32% |
Volatility (6M)Calculated over the trailing 6-month period | 19.98% | 12.92% | +7.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.07% | 15.50% | +12.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.50% | 17.77% | +7.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.50% | 18.60% | +6.90% |
LENS vs. IVAL - Expense Ratio Comparison
LENS has a 0.79% expense ratio, which is higher than IVAL's 0.39% expense ratio.
Dividends
LENS vs. IVAL - Dividend Comparison
LENS's dividend yield for the trailing twelve months is around 1.51%, less than IVAL's 2.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVAL Alpha Architect International Quantitative Value ETF | 2.60% | 2.75% | 3.60% | 5.15% | 8.00% | 3.95% | 2.07% | 2.51% | 2.93% | 1.73% | 2.02% | 1.86% |
LENS Sarmaya Thematic ETF | 1.51% | 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
LENS and IVAL have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LENS has higher volatility (5.48%) compared to IVAL (4.16%). In terms of maximum drawdown, LENS dropped -24.55% vs IVAL's -46.09%.
On 1-year performance, LENS leads with 47.33% vs 32.66% for IVAL. On fees, IVAL is cheaper at 0.39% per year. On volatility, IVAL has been the lower-risk option at 4.16%. 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 47.33% return vs 32.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVAL is cheaper with a 0.39% expense ratio, compared with 0.79% for LENS.
IVAL has the higher dividend yield at 2.60%, compared with 1.51% for LENS.
LENS is categorized as Global Equities, while IVAL is Foreign Large Cap Equities. Their fees differ too: 0.79% for LENS and 0.39% for IVAL.
IVAL currently has the higher Sharpe Ratio (2.12 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.
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