AAPB vs. AAPX

Last updated Jul 14, 2026

AAPB (GraniteShares 2x Long AAPL Daily ETF) and AAPX (T-Rex 2X Long Apple Daily Target ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, AAPB returned 100.16% vs 91.13% for AAPX. With a 0.99 correlation, they move nearly in lockstep. AAPB charges 1.15%/yr vs 1.05%/yr for AAPX.

Performance

AAPB vs. AAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long AAPL Daily ETF (AAPB) and T-Rex 2X Long Apple Daily Target ETF (AAPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPB achieves a 26.90% return, which is significantly higher than AAPX's 24.28% return.

AAPB

• 1D: 1.52%
• 1M: 17.00%
• 6M: 39.08%
• YTD: 26.90%
• 1Y: 100.16%
• 3Y*: 21.11%
• 5Y*: —
• 10Y*: —

AAPX

• 1D: 1.64%
• 1M: 16.83%
• 6M: 36.36%
• YTD: 24.28%
• 1Y: 91.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAPB vs. AAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAPB GraniteShares 2x Long AAPL Daily ETF	26.90%	-0.93%	56.78%
AAPX T-Rex 2X Long Apple Daily Target ETF	24.28%	-4.95%	58.57%

Correlation

The correlation between AAPB and AAPX 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 (All Time) Calculated using the full available price history since Jan 11, 2024	0.99

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

AAPB vs. AAPX - Sectors Allocation Comparison

Sectors	AAPB	AAPX
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. AAPX — Risk / Return Rank

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

AAPB

AAPB Risk / Return Rank: 75
AAPB Sharpe Ratio Rank: 82
AAPB Sortino Ratio Rank: 73
AAPB Omega Ratio Rank: 75
AAPB Calmar Ratio Rank: 84
AAPB Martin Ratio Rank: 59

AAPX

AAPX Risk / Return Rank: 68
AAPX Sharpe Ratio Rank: 75
AAPX Sortino Ratio Rank: 68
AAPX Omega Ratio Rank: 70
AAPX Calmar Ratio Rank: 75
AAPX Martin Ratio Rank: 51

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. AAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long AAPL Daily ETF (AAPB) and T-Rex 2X Long Apple Daily Target ETF (AAPX). 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	AAPX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.90	+0.16
Sortino ratio: Return per unit of downside risk	2.62	2.48	+0.13
Omega ratio: Gain probability vs. loss probability	1.35	1.33	+0.02
Calmar ratio: Return relative to maximum drawdown	3.58	3.04	+0.54
Martin ratio: Return relative to average drawdown	8.20	6.90	+1.30

AAPB vs. AAPX - Sharpe Ratio Comparison

The current AAPB Sharpe Ratio is 2.06, which is comparable to the AAPX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of AAPB and AAPX, 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. AAPX - Drawdown Comparison

The maximum AAPB drawdown since its inception was -58.13%, roughly equal to the maximum AAPX drawdown of -58.55%. Use the drawdown chart below to compare losses from any high point for AAPB and AAPX.

Drawdown Indicators

	AAPB	AAPX	Difference
Max Drawdown Largest peak-to-trough decline	-58.13%	-58.55%	+0.42%
Max Drawdown (1Y) Largest decline over 1 year	-28.11%	-30.12%	+2.01%
Max Drawdown (3Y) Largest decline over 3 years	-58.13%	—	—
Current Drawdown Current decline from peak	-0.80%	-1.10%	+0.30%
Average Drawdown Average peak-to-trough decline	-19.11%	-18.99%	-0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.25%	13.25%	-1.00%

Volatility

AAPB vs. AAPX - Volatility Comparison

GraniteShares 2x Long AAPL Daily ETF (AAPB) has a higher volatility of 21.20% compared to T-Rex 2X Long Apple Daily Target ETF (AAPX) at 19.46%. This indicates that AAPB's price experiences larger fluctuations and is considered to be riskier than AAPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPB	AAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.20%	19.46%	+1.74%
Volatility (6M) Calculated over the trailing 6-month period	38.44%	37.60%	+0.84%
Volatility (1Y) Calculated over the trailing 1-year period	48.92%	48.33%	+0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.89%	55.08%	-3.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.89%	55.08%	-3.19%

AAPB vs. AAPX - Expense Ratio Comparison

AAPB has a 1.15% expense ratio, which is higher than AAPX's 1.05% expense ratio.

Dividends

AAPB vs. AAPX - Dividend Comparison

AAPB's dividend yield for the trailing twelve months is around 3.46%, more than AAPX's 0.54% yield.

Position	TTM	2025	2024	2023
AAPB GraniteShares 2x Long AAPL Daily ETF	3.46%	4.39%	0.00%	18.75%
AAPX T-Rex 2X Long Apple Daily Target ETF	0.54%	0.67%	21.46%	0.00%

Frequently Asked Questions

Can I hold both AAPB and AAPX in my portfolio?

With a correlation of 0.99, AAPB and AAPX 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 AAPX?

AAPB has higher volatility (21.20%) compared to AAPX (19.46%). In terms of maximum drawdown, AAPB dropped -58.13% vs AAPX's -58.55%.

Which ETF is better, AAPB or AAPX?

On 1-year performance, AAPB leads with 100.16% vs 91.13% for AAPX. On fees, AAPX is cheaper at 1.05% per year. On volatility, AAPX has been the lower-risk option at 19.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPB or AAPX?

Over the 1-year period, AAPB has performed better with a 100.16% return vs 91.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPB or AAPX?

AAPX is cheaper with a 1.05% expense ratio, compared with 1.15% for AAPB.

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

AAPB has the higher dividend yield at 3.46%, compared with 0.54% for AAPX.

What is the main difference between AAPB and AAPX?

They also come from different issuers: GraniteShares and T-Rex. Their fees differ too: 1.15% for AAPB and 1.05% for AAPX.

Which has better risk-adjusted returns?

AAPB currently has the higher Sharpe Ratio (2.06 vs 1.90), 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.