AAPB vs. MSFO

Last updated Jun 4, 2026

AAPB (GraniteShares 2x Long AAPL Daily ETF) and MSFO (YieldMax MSFT Option Income Strategy ETF ) are both exchange-traded funds - AAPB is a Leveraged Equities fund actively managed by GraniteShares, while MSFO is a Options Trading fund actively managed by YieldMax. Both are actively managed. Over the past year, AAPB returned 106.72% vs -4.82% for MSFO. At a 0.33 correlation, their price movements are largely independent. AAPB charges 1.15%/yr vs 0.99%/yr for MSFO.

Performance

AAPB vs. MSFO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long AAPL Daily ETF (AAPB) and YieldMax MSFT Option Income Strategy ETF (MSFO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPB achieves a 23.70% return, which is significantly higher than MSFO's -9.19% return.

AAPB

• 1D: -3.30%
• 1M: 24.81%
• YTD: 23.70%
• 6M: 12.69%
• 1Y: 106.72%
• 3Y*: 23.23%
• 5Y*: —
• 10Y*: —

MSFO

• 1D: -2.81%
• 1M: 2.02%
• YTD: -9.19%
• 6M: -7.90%
• 1Y: -4.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAPB vs. MSFO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AAPB GraniteShares 2x Long AAPL Daily ETF	23.70%	-0.93%	47.02%	9.33%
MSFO YieldMax MSFT Option Income Strategy ETF	-9.19%	15.69%	10.34%	18.38%

Correlation

The correlation between AAPB and MSFO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (All Time) Calculated using the full available price history since Aug 28, 2023	0.33

Over the past year, the correlation between AAPB and MSFO has dropped to 0.11 - well below their long-term average of 0.33, suggesting their price drivers have been diverging.

Return for Risk

AAPB vs. MSFO — Risk / Return Rank

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

AAPB

AAPB Risk / Return Rank: 66
AAPB Sharpe Ratio Rank: 72
AAPB Sortino Ratio Rank: 64
AAPB Omega Ratio Rank: 63
AAPB Calmar Ratio Rank: 75
AAPB Martin Ratio Rank: 53

MSFO

MSFO Risk / Return Rank: 7
MSFO Sharpe Ratio Rank: 6
MSFO Sortino Ratio Rank: 6
MSFO Omega Ratio Rank: 6
MSFO Calmar Ratio Rank: 7
MSFO Martin Ratio Rank: 7

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. MSFO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long AAPL Daily ETF (AAPB) and YieldMax MSFT Option Income Strategy ETF (MSFO). 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	MSFO	Difference
Sharpe ratio: Return per unit of total volatility	2.40	-0.22	+2.62
Sortino ratio: Return per unit of downside risk	3.02	-0.16	+3.19
Omega ratio: Gain probability vs. loss probability	1.39	0.98	+0.41
Calmar ratio: Return relative to maximum drawdown	3.82	-0.17	+3.98
Martin ratio: Return relative to average drawdown	9.20	-0.37	+9.57
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. MSFO - Sharpe Ratio Comparison

The current AAPB Sharpe Ratio is 2.40, which is higher than the MSFO Sharpe Ratio of -0.22. The chart below compares the historical Sharpe Ratios of AAPB and MSFO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AAPB	MSFO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	-0.22	+2.62
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.62	-0.24

Drawdowns

AAPB vs. MSFO - Drawdown Comparison

The maximum AAPB drawdown since its inception was -58.13%, which is greater than MSFO's maximum drawdown of -29.29%. Use the drawdown chart below to compare losses from any high point for AAPB and MSFO.

Drawdown Indicators

	AAPB	MSFO	Difference
Max Drawdown Largest peak-to-trough decline	-58.13%	-29.29%	-28.84%
Max Drawdown (1Y) Largest decline over 1 year	-28.11%	-29.29%	+1.18%
Max Drawdown (3Y) Largest decline over 3 years	-58.13%	—	—
Current Drawdown Current decline from peak	-3.30%	-16.79%	+13.49%
Average Drawdown Average peak-to-trough decline	-19.36%	-6.56%	-12.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.64%	13.16%	-1.52%

Volatility

AAPB vs. MSFO - Volatility Comparison

GraniteShares 2x Long AAPL Daily ETF (AAPB) has a higher volatility of 11.20% compared to YieldMax MSFT Option Income Strategy ETF (MSFO) at 8.28%. This indicates that AAPB's price experiences larger fluctuations and is considered to be riskier than MSFO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPB	MSFO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.20%	8.28%	+2.92%
Volatility (6M) Calculated over the trailing 6-month period	31.96%	19.23%	+12.73%
Volatility (1Y) Calculated over the trailing 1-year period	44.82%	21.51%	+23.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.33%	19.78%	+31.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.33%	19.78%	+31.55%

AAPB vs. MSFO - Expense Ratio Comparison

AAPB has a 1.15% expense ratio, which is higher than MSFO's 0.99% expense ratio.

Dividends

AAPB vs. MSFO - Dividend Comparison

AAPB's dividend yield for the trailing twelve months is around 3.55%, less than MSFO's 38.67% yield.

Position	TTM	2025	2024	2023
AAPB GraniteShares 2x Long AAPL Daily ETF	3.55%	4.39%	0.00%	18.75%
MSFO YieldMax MSFT Option Income Strategy ETF	38.67%	33.91%	35.15%	6.44%

Frequently Asked Questions

Can I hold both AAPB and MSFO in my portfolio?

AAPB and MSFO have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAPB or MSFO?

AAPB has higher volatility (11.20%) compared to MSFO (8.28%). In terms of maximum drawdown, AAPB dropped -58.13% vs MSFO's -29.29%.

Which ETF is better, AAPB or MSFO?

On 1-year performance, AAPB leads with 106.72% vs -4.82% for MSFO. On fees, MSFO is cheaper at 0.99% per year. On volatility, MSFO has been the lower-risk option at 8.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPB or MSFO?

Over the 1-year period, AAPB has performed better with a 106.72% return vs -4.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPB or MSFO?

MSFO is cheaper with a 0.99% expense ratio, compared with 1.15% for AAPB.

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

MSFO has the higher dividend yield at 38.67%, compared with 3.55% for AAPB.

What is the main difference between AAPB and MSFO?

AAPB is categorized as Leveraged Equities, while MSFO is Options Trading. They also come from different issuers: GraniteShares and YieldMax. Their fees differ too: 1.15% for AAPB and 0.99% for MSFO.

Which has better risk-adjusted returns?

AAPB currently has the higher Sharpe Ratio (2.40 vs -0.22), 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.