AAPD vs. AAPW

Last updated Jun 4, 2026

AAPD (Direxion Daily AAPL Bear 1X Shares) and AAPW (AAPL WeeklyPay™ ETF) are both exchange-traded funds - AAPD is a Inverse Equities fund tracking the Apple Inc. (-100%), while AAPW is a Derivative Income fund actively managed by Roundhill. AAPD is passively managed, while AAPW is actively managed. Over the past year, AAPD returned -33.84% vs 59.54% for AAPW. At a correlation of -0.96, they often move in opposite directions. AAPD charges 1.06%/yr vs 0.99%/yr for AAPW.

Performance

AAPD vs. AAPW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AAPL Bear 1X Shares (AAPD) and AAPL WeeklyPay™ ETF (AAPW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPD achieves a -12.45% return, which is significantly lower than AAPW's 15.21% return.

AAPD

• 1D: 1.51%
• 1M: -10.79%
• YTD: -12.45%
• 6M: -8.15%
• 1Y: -33.84%
• 3Y*: -16.24%
• 5Y*: —
• 10Y*: —

AAPW

• 1D: -1.85%
• 1M: 14.30%
• YTD: 15.21%
• 6M: 9.47%
• 1Y: 59.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAPD vs. AAPW - Yearly Performance Comparison

	2026 (YTD)	2025
AAPD Direxion Daily AAPL Bear 1X Shares	-12.45%	-13.17%
AAPW AAPL WeeklyPay™ ETF	15.21%	8.56%

Correlation

The correlation between AAPD and AAPW is -0.96, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.96
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	-0.96

The correlation between AAPD and AAPW has been stable across timeframes, ranging from -0.96 to -0.96 - a consistent structural relationship.

Return for Risk

AAPD vs. AAPW — Risk / Return Rank

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

AAPD

AAPD Risk / Return Rank: 1
AAPD Sharpe Ratio Rank: 0
AAPD Sortino Ratio Rank: 0
AAPD Omega Ratio Rank: 0
AAPD Calmar Ratio Rank: 1
AAPD Martin Ratio Rank: 1

AAPW

AAPW Risk / Return Rank: 62
AAPW Sharpe Ratio Rank: 64
AAPW Sortino Ratio Rank: 64
AAPW Omega Ratio Rank: 62
AAPW Calmar Ratio Rank: 69
AAPW Martin Ratio Rank: 51

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.

AAPD vs. AAPW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AAPL Bear 1X Shares (AAPD) and AAPL WeeklyPay™ ETF (AAPW). 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.

	AAPD	AAPW	Difference
Sharpe ratio Return per unit of total volatility	-1.52	2.17	-3.69
Sortino ratio Return per unit of downside risk	-2.18	3.01	-5.19
Omega ratio Gain probability vs. loss probability	0.74	1.38	-0.65
Calmar ratio Return relative to maximum drawdown	-0.91	3.45	-4.36
Martin ratio Return relative to average drawdown	-1.46	8.65	-10.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAPD vs. AAPW - Sharpe Ratio Comparison

The current AAPD Sharpe Ratio is -1.52, which is lower than the AAPW Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of AAPD and AAPW, 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

	AAPD	AAPW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.52	2.17	-3.69
Sharpe Ratio (All Time) Calculated using the full available price history	-0.59	0.55	-1.14

Drawdowns

AAPD vs. AAPW - Drawdown Comparison

The maximum AAPD drawdown since its inception was -59.79%, which is greater than AAPW's maximum drawdown of -36.28%. Use the drawdown chart below to compare losses from any high point for AAPD and AAPW.

Drawdown Indicators

	AAPD	AAPW	Difference
Max Drawdown Largest peak-to-trough decline	-59.79%	-36.28%	-23.51%
Max Drawdown (1Y) Largest decline over 1 year	-37.37%	-17.36%	-20.01%
Max Drawdown (3Y) Largest decline over 3 years	-49.07%	—	—
Current Drawdown Current decline from peak	-59.19%	-1.85%	-57.34%
Average Drawdown Average peak-to-trough decline	-34.19%	-11.18%	-23.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.16%	6.91%	+16.25%

Volatility

AAPD vs. AAPW - Volatility Comparison

The current volatility for Direxion Daily AAPL Bear 1X Shares (AAPD) is 5.47%, while AAPL WeeklyPay™ ETF (AAPW) has a volatility of 6.61%. This indicates that AAPD experiences smaller price fluctuations and is considered to be less risky than AAPW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPD	AAPW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.47%	6.61%	-1.14%
Volatility (6M) Calculated over the trailing 6-month period	16.01%	19.54%	-3.53%
Volatility (1Y) Calculated over the trailing 1-year period	22.36%	27.56%	-5.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.02%	34.72%	-7.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.02%	34.72%	-7.70%

AAPD vs. AAPW - Expense Ratio Comparison

AAPD has a 1.06% expense ratio, which is higher than AAPW's 0.99% expense ratio.

Dividends

AAPD vs. AAPW - Dividend Comparison

AAPD's dividend yield for the trailing twelve months is around 3.84%, less than AAPW's 31.37% yield.

Position	TTM	2025	2024	2023	2022
AAPD Direxion Daily AAPL Bear 1X Shares	3.84%	3.60%	4.55%	4.37%	0.53%
AAPW AAPL WeeklyPay™ ETF	31.37%	28.83%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AAPD and AAPW in my portfolio?

AAPD and AAPW have a correlation of -0.96, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAPD or AAPW?

AAPW has higher volatility (6.61%) compared to AAPD (5.47%). In terms of maximum drawdown, AAPD dropped -59.79% vs AAPW's -36.28%.

Which ETF is better, AAPD or AAPW?

On 1-year performance, AAPW leads with 59.54% vs -33.84% for AAPD. On fees, AAPW is cheaper at 0.99% per year. On volatility, AAPD has been the lower-risk option at 5.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPD or AAPW?

Over the 1-year period, AAPW has performed better with a 59.54% return vs -33.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPD or AAPW?

AAPW is cheaper with a 0.99% expense ratio, compared with 1.06% for AAPD.

Which ETF pays a higher dividend yield, AAPD or AAPW?

AAPW has the higher dividend yield at 31.37%, compared with 3.84% for AAPD.

What is the main difference between AAPD and AAPW?

AAPD is categorized as Inverse Equities, while AAPW is Derivative Income. They also come from different issuers: Direxion and Roundhill. Their fees differ too: 1.06% for AAPD and 0.99% for AAPW.

Which has better risk-adjusted returns?

AAPW currently has the higher Sharpe Ratio (2.17 vs -1.52), 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.