AAPD vs. AAPU
AAPD (Direxion Daily AAPL Bear 1X Shares) and AAPU (Direxion Daily AAPL Bull 2X Shares) are both exchange-traded funds - AAPD is a Inverse Equities fund tracking the Apple Inc. (-100%), while AAPU is a Leveraged Equities fund tracking the Apple Inc. (200%). Both are passively managed. Over the past 3 years, AAPD returned -14.50%/yr vs 19.73%/yr for AAPU. Their -0.99 correlation means they have often moved in opposite directions in the past. AAPD charges 1.06%/yr vs 0.96%/yr for AAPU.
Performance
AAPD vs. AAPU - Performance Comparison
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Returns By Period
In the year-to-date period, AAPD achieves a -13.02% return, which is significantly lower than AAPU's 17.61% return.
AAPD
- 1D
- 7.44%
- 1M
- -0.88%
- 6M
- -17.25%
- YTD
- -13.02%
- 1Y
- -34.98%
- 3Y*
- -14.50%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -15.73%
AAPU
- 1D
- -14.86%
- 1M
- -1.17%
- 6M
- 30.99%
- YTD
- 17.61%
- 1Y
- 101.24%
- 3Y*
- 19.73%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 19.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $137.51M | $120.86M | $103.92M | |
| $87.91M | $80.86M | $75.86M |
AAPD vs. AAPU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
AAPD Direxion Daily AAPL Bear 1X Shares | -13.02% | -11.41% | -21.45% | -30.42% | 20.24% |
AAPU Direxion Daily AAPL Bull 2X Shares | 17.61% | -2.91% | 58.45% | 68.66% | -32.44% |
Correlation
The correlation between AAPD and AAPU is -1.00, 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. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | -0.99 |
The correlation between AAPD and AAPU has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
AAPD vs. AAPU — Risk / Return Rank
AAPD
AAPU
AAPD vs. AAPU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AAPL Bear 1X Shares (AAPD) and Direxion Daily AAPL Bull 2X Shares (AAPU). 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.
| AAPD | AAPU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.05 | ||
| Sortino ratioReturn per unit of downside risk | -4.21 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.31 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 3.14 | -3.97 |
| Martin ratioReturn relative to average drawdown | -1.32 | 7.22 | -8.54 |
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Drawdowns
AAPD vs. AAPU - Drawdown Comparison
The maximum AAPD drawdown since its inception was -63.02%, which is greater than AAPU's maximum drawdown of -58.61%. Use the drawdown chart below to compare losses from any high point for AAPD and AAPU.
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Drawdown Indicators
| AAPD | AAPU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.02% | -58.61% | -4.41% |
Max Drawdown (1Y)Largest decline over 1 year | -40.70% | -28.90% | -11.80% |
Max Drawdown (3Y)Largest decline over 3 years | -53.16% | -58.61% | +5.45% |
Current DrawdownCurrent decline from peak | -59.46% | -18.21% | -41.25% |
Average DrawdownAverage peak-to-trough decline | -35.16% | -17.29% | -17.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.23% | 12.58% | +12.65% |
Volatility
AAPD vs. AAPU - Volatility Comparison
The current volatility for Direxion Daily AAPL Bear 1X Shares (AAPD) is 11.34%, while Direxion Daily AAPL Bull 2X Shares (AAPU) has a volatility of 23.35%. This indicates that AAPD experiences smaller price fluctuations and is considered to be less risky than AAPU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAPD | AAPU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.34% | 23.35% | -12.01% |
Volatility (6M)Calculated over the trailing 6-month period | 20.49% | 41.56% | -21.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.86% | 51.73% | -25.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.44% | 50.08% | -22.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.44% | 50.08% | -22.64% |
AAPD vs. AAPU - Expense Ratio Comparison
AAPD has a 1.06% expense ratio, which is higher than AAPU's 0.96% expense ratio.
Dividends
AAPD vs. AAPU - Dividend Comparison
AAPD's dividend yield for the trailing twelve months is around 3.52%, less than AAPU's 7.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
AAPD Direxion Daily AAPL Bear 1X Shares | 3.52% | 3.60% | 4.55% | 4.37% | 0.53% |
AAPU Direxion Daily AAPL Bull 2X Shares | 7.61% | 8.66% | 14.58% | 2.32% | 0.79% |
Frequently Asked Questions
AAPD and AAPU have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAPU has higher volatility (23.35%) compared to AAPD (11.34%). In terms of maximum drawdown, AAPD dropped -63.02% vs AAPU's -58.61%.
On 3-year performance, AAPU leads with 19.73% vs -14.50% for AAPD. On fees, AAPU is cheaper at 0.96% per year. On volatility, AAPD has been the lower-risk option at 11.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, AAPU has performed better with a 19.73% return vs -14.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AAPU is cheaper with a 0.96% expense ratio, compared with 1.06% for AAPD.
AAPU has the higher dividend yield at 7.61%, compared with 3.52% for AAPD.
AAPD is categorized as Inverse Equities, while AAPU is Leveraged Equities. AAPD tracks Apple Inc. (-100%), while AAPU tracks Apple Inc. (200%). Their fees differ too: 1.06% for AAPD and 0.96% for AAPU.
AAPU currently has the higher Sharpe Ratio (1.76 vs -1.30), 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.
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