AAPD vs. AAPY

Last updated Jul 16, 2026

AAPD (Direxion Daily AAPL Bear 1X Shares) and AAPY (Kurv Yield Premium Strategy Apple (AAPL) ETF) are both exchange-traded funds - AAPD is a Inverse Equities fund tracking the Apple Inc. (-100%), while AAPY is a Derivative Income fund actively managed by Kurv. AAPD is passively managed, while AAPY is actively managed. Over the past year, AAPD returned -36.20% vs 45.09% for AAPY. At a correlation of -0.95, they often move in opposite directions. AAPD charges 1.06%/yr vs 0.99%/yr for AAPY.

Performance

AAPD vs. AAPY - Performance Comparison

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

Returns By Period

In the year-to-date period, AAPD achieves a -17.58% return, which is significantly lower than AAPY's 19.54% return.

AAPD

• 1D: -4.05%
• 1M: -10.04%
• 6M: -21.30%
• YTD: -17.58%
• 1Y: -36.20%
• 3Y*: -16.68%
• 5Y*: —
• 10Y*: —

AAPY

• 1D: 4.40%
• 1M: 10.07%
• 6M: 24.99%
• YTD: 19.54%
• 1Y: 45.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAPD vs. AAPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AAPD Direxion Daily AAPL Bear 1X Shares	-17.58%	-11.41%	-21.45%	-12.61%
AAPY Kurv Yield Premium Strategy Apple (AAPL) ETF	19.54%	5.04%	20.54%	9.18%

Correlation

The correlation between AAPD and AAPY 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 Oct 27, 2023	-0.95

The correlation between AAPD and AAPY has been stable across timeframes, ranging from -0.96 to -0.95 - a consistent structural relationship.

Return for Risk

AAPD vs. AAPY — Risk / Return Rank

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

AAPD

AAPD Risk / Return Rank: 0
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

AAPY

AAPY Risk / Return Rank: 69
AAPY Sharpe Ratio Rank: 73
AAPY Sortino Ratio Rank: 68
AAPY Omega Ratio Rank: 75
AAPY Calmar Ratio Rank: 76
AAPY Martin Ratio Rank: 56

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. AAPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AAPL Bear 1X Shares (AAPD) and Kurv Yield Premium Strategy Apple (AAPL) ETF (AAPY). 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	AAPY	Difference
Sharpe ratio: Return per unit of total volatility	-1.50	1.87	-3.37
Sortino ratio: Return per unit of downside risk	-2.22	2.50	-4.72
Omega ratio: Gain probability vs. loss probability	0.73	1.35	-0.62
Calmar ratio: Return relative to maximum drawdown	-0.95	3.13	-4.08
Martin ratio: Return relative to average drawdown	-1.53	7.89	-9.42

AAPD vs. AAPY - Sharpe Ratio Comparison

The current AAPD Sharpe Ratio is -1.50, which is lower than the AAPY Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of AAPD and AAPY, 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

AAPD vs. AAPY - Drawdown Comparison

The maximum AAPD drawdown since its inception was -61.58%, which is greater than AAPY's maximum drawdown of -29.22%. Use the drawdown chart below to compare losses from any high point for AAPD and AAPY.

Drawdown Indicators

	AAPD	AAPY	Difference
Max Drawdown Largest peak-to-trough decline	-61.58%	-29.22%	-32.36%
Max Drawdown (1Y) Largest decline over 1 year	-38.39%	-14.47%	-23.92%
Max Drawdown (3Y) Largest decline over 3 years	-51.33%	—	—
Current Drawdown Current decline from peak	-61.58%	0.00%	-61.58%
Average Drawdown Average peak-to-trough decline	-34.84%	-6.30%	-28.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.76%	5.73%	+18.03%

Volatility

AAPD vs. AAPY - Volatility Comparison

The current volatility for Direxion Daily AAPL Bear 1X Shares (AAPD) is 10.01%, while Kurv Yield Premium Strategy Apple (AAPL) ETF (AAPY) has a volatility of 11.43%. This indicates that AAPD experiences smaller price fluctuations and is considered to be less risky than AAPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPD	AAPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.01%	11.43%	-1.42%
Volatility (6M) Calculated over the trailing 6-month period	19.04%	21.43%	-2.39%
Volatility (1Y) Calculated over the trailing 1-year period	24.25%	24.22%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.22%	23.36%	+3.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.22%	23.36%	+3.86%

AAPD vs. AAPY - Expense Ratio Comparison

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

Dividends

AAPD vs. AAPY - Dividend Comparison

AAPD's dividend yield for the trailing twelve months is around 3.71%, less than AAPY's 10.94% yield.

Position	TTM	2025	2024	2023	2022
AAPD Direxion Daily AAPL Bear 1X Shares	3.71%	3.60%	4.55%	4.37%	0.53%
AAPY Kurv Yield Premium Strategy Apple (AAPL) ETF	10.94%	12.66%	17.15%	2.16%	0.00%

Frequently Asked Questions

Can I hold both AAPD and AAPY in my portfolio?

AAPD and AAPY 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 AAPY?

AAPY has higher volatility (11.43%) compared to AAPD (10.01%). In terms of maximum drawdown, AAPD dropped -61.58% vs AAPY's -29.22%.

Which ETF is better, AAPD or AAPY?

On 1-year performance, AAPY leads with 45.09% vs -36.20% for AAPD. On fees, AAPY is cheaper at 0.99% per year. On volatility, AAPD has been the lower-risk option at 10.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPD or AAPY?

Over the 1-year period, AAPY has performed better with a 45.09% return vs -36.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPD or AAPY?

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

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

AAPY has the higher dividend yield at 10.94%, compared with 3.71% for AAPD.

What is the main difference between AAPD and AAPY?

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

Which has better risk-adjusted returns?

AAPY currently has the higher Sharpe Ratio (1.87 vs -1.50), 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.