AAPB vs. SMPIX

Last updated Jun 16, 2026

AAPB (GraniteShares 2x Long AAPL Daily ETF) and SMPIX (ProFunds Semiconductor UltraSector Fund) are both Leveraged Equities funds. Over the past 3 years, AAPB returned 17.91%/yr vs -10.34%/yr for SMPIX. At a 0.43 correlation, their price movements are largely independent. AAPB charges 1.15%/yr vs 1.49%/yr for SMPIX.

Performance

AAPB vs. SMPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long AAPL Daily ETF (AAPB) and ProFunds Semiconductor UltraSector Fund (SMPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPB achieves a 12.10% return, which is significantly lower than SMPIX's 64.10% return.

AAPB

• 1D: 3.36%
• 1M: -3.87%
• YTD: 12.10%
• 6M: 10.03%
• 1Y: 101.75%
• 3Y*: 17.91%
• 5Y*: —
• 10Y*: —

SMPIX

• 1D: 1.30%
• 1M: 2.63%
• YTD: 64.10%
• 6M: 74.65%
• 1Y: 154.32%
• 3Y*: -10.34%
• 5Y*: 0.33%
• 10Y*: 19.12%

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

AAPB vs. SMPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AAPB GraniteShares 2x Long AAPL Daily ETF	12.10%	-0.93%	47.02%	77.21%	-38.60%
SMPIX ProFunds Semiconductor UltraSector Fund	64.10%	56.35%	-77.32%	155.37%	-25.23%

Correlation

The correlation between AAPB and SMPIX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.43

The correlation between AAPB and SMPIX shifts across timeframes, from 0.26 (1 year) to 0.43 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AAPB vs. SMPIX — Risk / Return Rank

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

AAPB

AAPB Risk / Return Rank: 69
AAPB Sharpe Ratio Rank: 77
AAPB Sortino Ratio Rank: 68
AAPB Omega Ratio Rank: 68
AAPB Calmar Ratio Rank: 77
AAPB Martin Ratio Rank: 55

SMPIX

SMPIX Risk / Return Rank: 87
SMPIX Sharpe Ratio Rank: 95
SMPIX Sortino Ratio Rank: 75
SMPIX Omega Ratio Rank: 75
SMPIX Calmar Ratio Rank: 97
SMPIX Martin Ratio Rank: 94

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. SMPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long AAPL Daily ETF (AAPB) and ProFunds Semiconductor UltraSector Fund (SMPIX). 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	SMPIX	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.94	-0.69
Sortino ratio: Return per unit of downside risk	2.84	3.08	-0.23
Omega ratio: Gain probability vs. loss probability	1.37	1.41	-0.05
Calmar ratio: Return relative to maximum drawdown	3.64	6.44	-2.80
Martin ratio: Return relative to average drawdown	8.67	18.72	-10.04

AAPB vs. SMPIX - Sharpe Ratio Comparison

The current AAPB Sharpe Ratio is 2.25, which is comparable to the SMPIX Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of AAPB and SMPIX, 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. SMPIX - Drawdown Comparison

The maximum AAPB drawdown since its inception was -58.13%, smaller than the maximum SMPIX drawdown of -94.52%. Use the drawdown chart below to compare losses from any high point for AAPB and SMPIX.

Drawdown Indicators

	AAPB	SMPIX	Difference
Max Drawdown Largest peak-to-trough decline	-58.13%	-94.52%	+36.39%
Max Drawdown (1Y) Largest decline over 1 year	-28.11%	-22.72%	-5.39%
Max Drawdown (3Y) Largest decline over 3 years	-58.13%	-94.52%	+36.39%
Max Drawdown (5Y) Largest decline over 5 years	—	-94.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-94.52%	—
Current Drawdown Current decline from peak	-12.37%	-75.23%	+62.86%
Average Drawdown Average peak-to-trough decline	-19.27%	-57.63%	+38.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.77%	7.81%	+3.96%

Volatility

AAPB vs. SMPIX - Volatility Comparison

The current volatility for GraniteShares 2x Long AAPL Daily ETF (AAPB) is 14.34%, while ProFunds Semiconductor UltraSector Fund (SMPIX) has a volatility of 22.44%. This indicates that AAPB experiences smaller price fluctuations and is considered to be less risky than SMPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPB	SMPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.34%	22.44%	-8.10%
Volatility (6M) Calculated over the trailing 6-month period	33.42%	39.97%	-6.55%
Volatility (1Y) Calculated over the trailing 1-year period	45.58%	49.82%	-4.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.37%	71.25%	-19.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.37%	59.50%	-8.13%

AAPB vs. SMPIX - Expense Ratio Comparison

AAPB has a 1.15% expense ratio, which is lower than SMPIX's 1.49% expense ratio.

Dividends

AAPB vs. SMPIX - Dividend Comparison

AAPB's dividend yield for the trailing twelve months is around 3.92%, less than SMPIX's 7.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAPB GraniteShares 2x Long AAPL Daily ETF	3.92%	4.39%	0.00%	18.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMPIX ProFunds Semiconductor UltraSector Fund	7.93%	13.02%	0.16%	0.00%	0.00%	6.57%	0.00%	2.26%	40.03%	0.11%	0.45%	0.68%

Frequently Asked Questions

Can I hold both AAPB and SMPIX in my portfolio?

AAPB and SMPIX have a correlation of 0.26, 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 SMPIX?

SMPIX has higher volatility (22.44%) compared to AAPB (14.34%). In terms of maximum drawdown, AAPB dropped -58.13% vs SMPIX's -94.52%.

Which has better risk-adjusted returns?

SMPIX currently has the higher Sharpe Ratio (2.94 vs 2.25), 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.