AAPB vs. AAPU

Last updated Jun 23, 2026

AAPB (GraniteShares 2x Long AAPL Daily ETF) and AAPU (Direxion Daily AAPL Bull 2X Shares) are both Leveraged Equities funds. AAPB is actively managed, while AAPU is passively managed. Over the past 3 years, AAPB returned 17.66%/yr vs 20.19%/yr for AAPU. With a 1.00 correlation, they move nearly in lockstep. AAPB charges 1.15%/yr vs 1.04%/yr for AAPU.

Performance

AAPB vs. AAPU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long AAPL Daily ETF (AAPB) and Direxion Daily AAPL Bull 2X Shares (AAPU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPB achieves a 12.76% return, which is significantly higher than AAPU's 11.74% return.

AAPB

• 1D: -0.89%
• 1M: -8.42%
• YTD: 12.76%
• 6M: 13.63%
• 1Y: 94.57%
• 3Y*: 17.66%
• 5Y*: —
• 10Y*: —

AAPU

• 1D: -0.72%
• 1M: -8.56%
• YTD: 11.74%
• 6M: 12.20%
• 1Y: 91.23%
• 3Y*: 20.19%
• 5Y*: —
• 10Y*: —

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

AAPB vs. AAPU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AAPB GraniteShares 2x Long AAPL Daily ETF	12.76%	-0.93%	47.02%	77.21%	-38.60%
AAPU Direxion Daily AAPL Bull 2X Shares	11.74%	-2.91%	58.45%	68.66%	-32.44%

Correlation

The correlation between AAPB and AAPU is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	1.00

The correlation between AAPB and AAPU has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

AAPB vs. AAPU - Sectors Allocation Comparison

Sectors	AAPB	AAPU
Technology	66.7%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

AAPB vs. AAPU — Risk / Return Rank

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

AAPB

AAPB Risk / Return Rank: 61
AAPB Sharpe Ratio Rank: 67
AAPB Sortino Ratio Rank: 60
AAPB Omega Ratio Rank: 59
AAPB Calmar Ratio Rank: 70
AAPB Martin Ratio Rank: 49

AAPU

AAPU Risk / Return Rank: 58
AAPU Sharpe Ratio Rank: 64
AAPU Sortino Ratio Rank: 58
AAPU Omega Ratio Rank: 57
AAPU Calmar Ratio Rank: 66
AAPU Martin Ratio Rank: 46

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.

AAPB vs. AAPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long AAPL Daily ETF (AAPB) and Direxion Daily AAPL Bull 2X Shares (AAPU). 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.

	AAPB	AAPU	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.03	+0.07
Sortino ratio: Return per unit of downside risk	2.72	2.68	+0.04
Omega ratio: Gain probability vs. loss probability	1.35	1.34	+0.01
Calmar ratio: Return relative to maximum drawdown	3.38	3.17	+0.21
Martin ratio: Return relative to average drawdown	8.00	7.51	+0.49

AAPB vs. AAPU - Sharpe Ratio Comparison

The current AAPB Sharpe Ratio is 2.10, which is comparable to the AAPU Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of AAPB and AAPU, 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

AAPB vs. AAPU - Drawdown Comparison

The maximum AAPB drawdown since its inception was -58.13%, roughly equal to the maximum AAPU drawdown of -58.61%. Use the drawdown chart below to compare losses from any high point for AAPB and AAPU.

Drawdown Indicators

	AAPB	AAPU	Difference
Max Drawdown Largest peak-to-trough decline	-58.13%	-58.61%	+0.48%
Max Drawdown (1Y) Largest decline over 1 year	-28.11%	-28.90%	+0.79%
Max Drawdown (3Y) Largest decline over 3 years	-58.13%	-58.61%	+0.48%
Current Drawdown Current decline from peak	-11.85%	-12.03%	+0.18%
Average Drawdown Average peak-to-trough decline	-19.24%	-17.59%	-1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.86%	12.19%	-0.33%

Volatility

AAPB vs. AAPU - Volatility Comparison

GraniteShares 2x Long AAPL Daily ETF (AAPB) and Direxion Daily AAPL Bull 2X Shares (AAPU) have volatilities of 14.43% and 14.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPB	AAPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.43%	14.05%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	33.41%	33.20%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	45.39%	45.20%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.29%	48.92%	+2.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.29%	48.92%	+2.37%

AAPB vs. AAPU - Expense Ratio Comparison

AAPB has a 1.15% expense ratio, which is higher than AAPU's 1.04% expense ratio.

Dividends

AAPB vs. AAPU - Dividend Comparison

AAPB's dividend yield for the trailing twelve months is around 3.90%, less than AAPU's 7.61% yield.

Position	TTM	2025	2024	2023	2022
AAPB GraniteShares 2x Long AAPL Daily ETF	3.90%	4.39%	0.00%	18.75%	0.00%
AAPU Direxion Daily AAPL Bull 2X Shares	7.61%	8.66%	14.58%	2.32%	0.79%

Frequently Asked Questions

Can I hold both AAPB and AAPU in my portfolio?

With a correlation of 0.99, AAPB and AAPU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AAPB or AAPU?

AAPB has higher volatility (14.43%) compared to AAPU (14.05%). In terms of maximum drawdown, AAPB dropped -58.13% vs AAPU's -58.61%.

Which ETF is better, AAPB or AAPU?

On 3-year performance, AAPU leads with 20.19% vs 17.66% for AAPB. On fees, AAPU is cheaper at 1.04% per year. On volatility, AAPU has been the lower-risk option at 14.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPB or AAPU?

Over the 3-year period, AAPU has performed better with a 20.19% return vs 17.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPB or AAPU?

AAPU is cheaper with a 1.04% expense ratio, compared with 1.15% for AAPB.

Which ETF pays a higher dividend yield, AAPB or AAPU?

AAPU has the higher dividend yield at 7.61%, compared with 3.90% for AAPB.

What is the main difference between AAPB and AAPU?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.15% for AAPB and 1.04% for AAPU.

Which has better risk-adjusted returns?

AAPB currently has the higher Sharpe Ratio (2.10 vs 2.03), 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.