Glossary

Plain-English reference for every metric Lens displays. Each entry covers what the number means, the exact formula Lens uses, what to look for, and what it doesn't tell you.

• Beta vs benchmark

  How much the fund tends to move when the benchmark moves by 1%. It measures sensitivity, not quality.

• CAGR (Compound Annual Growth Rate)

  The single annual rate that, compounded over the period, takes you from the starting value to the ending value.

• Cap classification (Large / Mid / Small)

  AMFI's semi-annual ranking of every NSE/BSE-listed stock into Large Cap, Mid Cap, or Small Cap based on 6-month average market capitalisation.

• Down Capture

  On days the benchmark fell, how much of that fall the fund participated in. <1.0 = fell less than the benchmark.

• Index Overlap

  Share of a fund's AUM held in stocks that the benchmark also includes.

• Maximum Drawdown

  The worst peak-to-trough fall in NAV over the observed period, before any recovery.

• Pair Overlap

  How much of the same stocks two of your funds hold, by weight.

• Sharpe Ratio

  Return above the risk-free rate per unit of total volatility, where volatility is the standard deviation of returns.

• Sortino Ratio

  Like Sharpe, but only the downside volatility counts as risk.

• Tracking Error

  The annualised standard deviation of the difference between fund and benchmark returns: how steadily the fund differs from its benchmark.

• Up Capture

  On days the benchmark rose, how much of that rise the fund captured on average. 1.0 = matched it; >1.0 = beat it.