Variable-focus lenses are arranged as a lens pair that work on opposite sides of a see-through optical combiner used in a mixed-reality head-mounted display (HMD) device. An eye-side variable-focus lens is configured as a negative lens over an eyebox of the see-through optical combiner to enable virtual-world objects to be set at a close distance. The negative lens is compensated by its conjugate using a real-world-side variable-focus lens configured as a positive lens to provide for an unperturbed see-through experience. For non-presbyopes, the powers of the lenses are perfectly offset. For presbyopes, the lens powers may be mismatched at times to provide simultaneous views of both virtual-world and real-world objects on the display in sharp focus. Responsively an eye tracker indicating that the user is engaged in close viewing, optical power is added to the real-world-side lens to push close real-world objects optically farther away and into sharp focus for the presbyopic user.