AAPB vs. AAPU

Last updated Apr 2, 2026

Compare and contrast key facts about GraniteShares 2x Long AAPL Daily ETF (AAPB) and Direxion Daily AAPL Bull 2X Shares (AAPU).

AAPB and AAPU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AAPB is an actively managed fund by GraniteShares. It was launched on Aug 8, 2022. AAPU is a passively managed fund by Direxion that tracks the performance of the Apple Inc. (150%). It was launched on Aug 8, 2022.

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.

AAPB vs. AAPU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AAPB GraniteShares 2x Long AAPL Daily ETF	-14.27%	-0.93%	47.02%	77.21%	-38.44%
AAPU Direxion Daily AAPL Bull 2X Shares	-14.69%	-2.91%	58.45%	68.66%	-32.82%

Returns By Period

The year-to-date returns for both stocks are quite close, with AAPB having a -14.27% return and AAPU slightly lower at -14.69%.

AAPB

• 1D: 1.85%
• 1M: -7.60%
• YTD: -14.27%
• 6M: -4.96%
• 1Y: 11.04%
• 3Y*: 14.48%
• 5Y*: —
• 10Y*: —

AAPU

• 1D: 1.46%
• 1M: -7.65%
• YTD: -14.69%
• 6M: -6.08%
• 1Y: 9.06%
• 3Y*: 16.36%
• 5Y*: —
• 10Y*: —

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

AAPB vs. AAPU - Expense Ratio Comparison

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

AAPB

GraniteShares 2x Long AAPL Daily ETF

AAPU

Direxion Daily AAPL Bull 2X Shares

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: 20
AAPB Sharpe Ratio Rank: 16
AAPB Sortino Ratio Rank: 24
AAPB Omega Ratio Rank: 24
AAPB Calmar Ratio Rank: 18
AAPB Martin Ratio Rank: 17

AAPU

AAPU Risk / Return Rank: 19
AAPU Sharpe Ratio Rank: 15
AAPU Sortino Ratio Rank: 23
AAPU Omega Ratio Rank: 23
AAPU Calmar Ratio Rank: 17
AAPU Martin Ratio Rank: 16

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.

	AAPB	AAPU	Difference
Sharpe ratio Return per unit of total volatility	0.18	0.15	+0.03
Sortino ratio Return per unit of downside risk	0.73	0.68	+0.04
Omega ratio Gain probability vs. loss probability	1.10	1.10	+0.01
Calmar ratio Return relative to maximum drawdown	0.29	0.24	+0.05
Martin ratio Return relative to average drawdown	0.71	0.59	+0.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAPB vs. AAPU - Sharpe Ratio Comparison

The current AAPB Sharpe Ratio is 0.18, which is comparable to the AAPU Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of AAPB and AAPU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AAPB	AAPU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.18	0.15	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.24	-0.06

Correlation

The correlation between AAPB and AAPU is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

AAPB vs. AAPU - Dividend Comparison

AAPB's dividend yield for the trailing twelve months is around 5.13%, less than AAPU's 9.96% yield.

	TTM	2025	2024	2023	2022
AAPB GraniteShares 2x Long AAPL Daily ETF	5.13%	4.39%	0.00%	18.75%	0.00%
AAPU Direxion Daily AAPL Bull 2X Shares	9.96%	8.66%	14.58%	2.32%	0.79%

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	-41.56%	-41.77%	+0.21%
Current Drawdown Current decline from peak	-22.96%	-23.70%	+0.74%
Average Drawdown Average peak-to-trough decline	-19.84%	-18.06%	-1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.87%	17.16%	-0.29%

Volatility

AAPB vs. AAPU - Volatility Comparison

GraniteShares 2x Long AAPL Daily ETF (AAPB) and Direxion Daily AAPL Bull 2X Shares (AAPU) have volatilities of 11.08% and 11.28%, 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	11.08%	11.28%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	30.40%	30.40%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	62.81%	62.62%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.55%	49.08%	+2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.55%	49.08%	+2.47%