AAPB vs. TSMX

Last updated Jun 4, 2026

AAPB (GraniteShares 2x Long AAPL Daily ETF) and TSMX (Direxion Daily TSM Bull 2X Shares) are both Leveraged Equities funds. Both are actively managed. Over the past year, AAPB returned 106.72% vs 295.18% for TSMX. At a 0.25 correlation, their price movements are largely independent. AAPB charges 1.15%/yr vs 1.05%/yr for TSMX.

Performance

AAPB vs. TSMX - 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 TSM Bull 2X Shares (TSMX). 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 lower than TSMX's 85.80% return.

AAPB

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

TSMX

• 1D: -4.27%
• 1M: 15.97%
• YTD: 85.80%
• 6M: 94.81%
• 1Y: 295.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAPB vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAPB GraniteShares 2x Long AAPL Daily ETF	23.70%	-0.93%	20.22%
TSMX Direxion Daily TSM Bull 2X Shares	85.80%	81.48%	14.76%

Correlation

The correlation between AAPB and TSMX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Oct 4, 2024	0.25

AAPB vs. TSMX - Sectors Allocation Comparison

Sectors	AAPB	TSMX
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. TSMX — 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

TSMX

TSMX Risk / Return Rank: 89
TSMX Sharpe Ratio Rank: 96
TSMX Sortino Ratio Rank: 83
TSMX Omega Ratio Rank: 75
TSMX Calmar Ratio Rank: 95
TSMX 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. TSMX - 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 TSM Bull 2X Shares (TSMX). 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	TSMX	Difference
Sharpe ratio: Return per unit of total volatility	2.40	4.15	-1.76
Sortino ratio: Return per unit of downside risk	3.02	3.78	-0.76
Omega ratio: Gain probability vs. loss probability	1.39	1.45	-0.07
Calmar ratio: Return relative to maximum drawdown	3.82	8.51	-4.70
Martin ratio: Return relative to average drawdown	9.20	27.80	-18.60
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. TSMX - Sharpe Ratio Comparison

The current AAPB Sharpe Ratio is 2.40, which is lower than the TSMX Sharpe Ratio of 4.15. The chart below compares the historical Sharpe Ratios of AAPB and TSMX, 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	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	4.15	-1.76
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	1.57	-1.19

Drawdowns

AAPB vs. TSMX - Drawdown Comparison

The maximum AAPB drawdown since its inception was -58.13%, smaller than the maximum TSMX drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for AAPB and TSMX.

Drawdown Indicators

	AAPB	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-58.13%	-63.80%	+5.67%
Max Drawdown (1Y) Largest decline over 1 year	-28.11%	-34.93%	+6.82%
Max Drawdown (3Y) Largest decline over 3 years	-58.13%	—	—
Current Drawdown Current decline from peak	-3.30%	-4.27%	+0.97%
Average Drawdown Average peak-to-trough decline	-19.36%	-15.85%	-3.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.64%	10.68%	+0.96%

Volatility

AAPB vs. TSMX - Volatility Comparison

The current volatility for GraniteShares 2x Long AAPL Daily ETF (AAPB) is 11.20%, while Direxion Daily TSM Bull 2X Shares (TSMX) has a volatility of 22.91%. This indicates that AAPB experiences smaller price fluctuations and is considered to be less risky than TSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPB	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.20%	22.91%	-11.71%
Volatility (6M) Calculated over the trailing 6-month period	31.96%	54.45%	-22.49%
Volatility (1Y) Calculated over the trailing 1-year period	44.82%	71.63%	-26.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.33%	80.93%	-29.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.33%	80.93%	-29.60%

AAPB vs. TSMX - Expense Ratio Comparison

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

Dividends

AAPB vs. TSMX - Dividend Comparison

AAPB's dividend yield for the trailing twelve months is around 3.55%, less than TSMX's 4.44% yield.

Position	TTM	2025	2024	2023
AAPB GraniteShares 2x Long AAPL Daily ETF	3.55%	4.39%	0.00%	18.75%
TSMX Direxion Daily TSM Bull 2X Shares	4.44%	8.01%	0.53%	0.00%

Frequently Asked Questions

Can I hold both AAPB and TSMX in my portfolio?

AAPB and TSMX have a correlation of 0.22, 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 TSMX?

TSMX has higher volatility (22.91%) compared to AAPB (11.20%). In terms of maximum drawdown, AAPB dropped -58.13% vs TSMX's -63.80%.

Which ETF is better, AAPB or TSMX?

On 1-year performance, TSMX leads with 295.18% vs 106.72% for AAPB. On fees, TSMX is cheaper at 1.05% per year. On volatility, AAPB has been the lower-risk option at 11.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPB or TSMX?

Over the 1-year period, TSMX has performed better with a 295.18% return vs 106.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPB or TSMX?

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

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

TSMX has the higher dividend yield at 4.44%, compared with 3.55% for AAPB.

What is the main difference between AAPB and TSMX?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.15% for AAPB and 1.05% for TSMX.

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (4.15 vs 2.40), 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.