AAPB vs. TSDD

Last updated Aug 4, 2026

AAPB (GraniteShares 2x Long AAPL Daily ETF) and TSDD (GraniteShares 2x Short TSLA Daily ETF) are both exchange-traded funds - AAPB is a Leveraged Equities fund actively managed by GraniteShares, while TSDD is a Inverse Equities fund actively managed by GraniteShares. Both are actively managed. Over the past year, AAPB returned 96.58% vs -50.55% for TSDD. Their -0.34 correlation means they have often moved in opposite directions in the past. AAPB charges 1.15%/yr vs 0.95%/yr for TSDD.

Performance

AAPB vs. TSDD - Performance Comparison

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

Returns By Period

In the year-to-date period, AAPB achieves a 13.81% return, which is significantly lower than TSDD's 37.39% return.

AAPB

• 1D: -3.56%
• 1M: -5.29%
• 6M: 16.59%
• YTD: 13.81%
• 1Y: 96.58%
• 3Y*: 20.30%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.96%

TSDD

• 1D: -7.09%
• 1M: 34.60%
• 6M: 24.94%
• YTD: 37.39%
• 1Y: -50.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -69.67%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AAPB GraniteShares 2x Long AAPL Daily ETF	$4.65M	$3.84M	$2.80M
TSDD GraniteShares 2x Short TSLA Daily ETF	$152.97M	$157.39M	$198.36M

AAPB vs. TSDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AAPB GraniteShares 2x Long AAPL Daily ETF	13.81%	-0.93%	47.02%	12.07%
TSDD GraniteShares 2x Short TSLA Daily ETF	37.39%	-74.84%	-89.21%	-20.49%

Correlation

The correlation between AAPB and TSDD is -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.24
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023	-0.34

The correlation between AAPB and TSDD shifts across timeframes, from -0.34 (all time) to -0.24 (1 year), reflecting how their relationship changes across market environments.

AAPB vs. TSDD - Sectors Allocation Comparison

Sectors	AAPB	TSDD
Technology	66.7%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	200.0%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

AAPB vs. TSDD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AAPB

AAPB Risk / Return Rank: 75
AAPB Sharpe Ratio Rank: 78
AAPB Sortino Ratio Rank: 71
AAPB Omega Ratio Rank: 75
AAPB Calmar Ratio Rank: 86
AAPB Martin Ratio Rank: 63

TSDD

TSDD Risk / Return Rank: 5
TSDD Sharpe Ratio Rank: 5
TSDD Sortino Ratio Rank: 6
TSDD Omega Ratio Rank: 6
TSDD Calmar Ratio Rank: 3
TSDD Martin Ratio Rank: 5

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AAPB vs. TSDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long AAPL Daily ETF (AAPB) and GraniteShares 2x Short TSLA Daily ETF (TSDD). 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	TSDD	Difference
Sharpe ratio: Return per unit of total volatility	1.86	-0.55	+2.40
Sortino ratio: Return per unit of downside risk	2.36	-0.43	+2.79
Omega ratio: Gain probability vs. loss probability	1.32	0.95	+0.37
Calmar ratio: Return relative to maximum drawdown	3.45	-0.74	+4.20
Martin ratio: Return relative to average drawdown	7.86	-0.93	+8.79

AAPB vs. TSDD - Sharpe Ratio Comparison

The current AAPB Sharpe Ratio is 1.86, which is higher than the TSDD Sharpe Ratio of -0.55. The chart below compares the historical Sharpe Ratios of AAPB and TSDD, 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. TSDD - Drawdown Comparison

The maximum AAPB drawdown since its inception was -58.13%, smaller than the maximum TSDD drawdown of -99.03%. Use the drawdown chart below to compare losses from any high point for AAPB and TSDD.

Drawdown Indicators

	AAPB	TSDD	Difference
Max Drawdown Largest peak-to-trough decline	-58.13%	-99.03%	+40.90%
Max Drawdown (1Y) Largest decline over 1 year	-28.11%	-68.22%	+40.11%
Max Drawdown (3Y) Largest decline over 3 years	-58.13%	—	—
Current Drawdown Current decline from peak	-21.15%	-98.43%	+77.28%
Average Drawdown Average peak-to-trough decline	-18.90%	-72.64%	+53.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.33%	56.18%	-43.85%

Volatility

AAPB vs. TSDD - Volatility Comparison

The current volatility for GraniteShares 2x Long AAPL Daily ETF (AAPB) is 22.11%, while GraniteShares 2x Short TSLA Daily ETF (TSDD) has a volatility of 36.11%. This indicates that AAPB experiences smaller price fluctuations and is considered to be less risky than TSDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPB	TSDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.11%	36.11%	-14.00%
Volatility (6M) Calculated over the trailing 6-month period	42.82%	67.54%	-24.72%
Volatility (1Y) Calculated over the trailing 1-year period	52.44%	92.83%	-40.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.52%	115.19%	-62.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.52%	115.19%	-62.67%

AAPB vs. TSDD - Expense Ratio Comparison

AAPB has a 1.15% expense ratio, which is higher than TSDD's 0.95% expense ratio.

Dividends

AAPB vs. TSDD - Dividend Comparison

AAPB's dividend yield for the trailing twelve months is around 3.86%, less than TSDD's 6.13% yield.

Position	TTM	2025	2024	2023
AAPB GraniteShares 2x Long AAPL Daily ETF	3.86%	4.39%	0.00%	18.75%
TSDD GraniteShares 2x Short TSLA Daily ETF	6.13%	8.42%	0.00%	24.84%

Frequently Asked Questions

Can I hold both AAPB and TSDD in my portfolio?

AAPB and TSDD have a correlation of -0.24, 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 TSDD?

TSDD has higher volatility (36.11%) compared to AAPB (22.11%). In terms of maximum drawdown, AAPB dropped -58.13% vs TSDD's -99.03%.

Which ETF is better, AAPB or TSDD?

On 1-year performance, AAPB leads with 96.58% vs -50.55% for TSDD. On fees, TSDD is cheaper at 0.95% per year. On volatility, AAPB has been the lower-risk option at 22.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPB or TSDD?

Over the 1-year period, AAPB has performed better with a 96.58% return vs -50.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPB or TSDD?

TSDD is cheaper with a 0.95% expense ratio, compared with 1.15% for AAPB.

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

TSDD has the higher dividend yield at 6.13%, compared with 3.86% for AAPB.

What is the main difference between AAPB and TSDD?

AAPB is categorized as Leveraged Equities, while TSDD is Inverse Equities. Their fees differ too: 1.15% for AAPB and 0.95% for TSDD.

Which has better risk-adjusted returns?

AAPB currently has the higher Sharpe Ratio (1.86 vs -0.55), 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.