AAPD vs. EFIV

Last updated Jul 16, 2026

AAPD (Direxion Daily AAPL Bear 1X Shares) and EFIV (State Street SPDR S&P 500 ESG ETF) are both exchange-traded funds - AAPD is a Inverse Equities fund tracking the Apple Inc. (-100%), while EFIV is a S&P 500 fund tracking the S&P 500 ESG Index. Both are passively managed. Over the past 3 years, AAPD returned -16.68%/yr vs 20.05%/yr for EFIV. At a correlation of -0.63, they often move in opposite directions. AAPD charges 1.06%/yr vs 0.10%/yr for EFIV.

Performance

AAPD vs. EFIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AAPL Bear 1X Shares (AAPD) and State Street SPDR S&P 500 ESG ETF (EFIV). 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 EFIV's 10.60% return.

AAPD

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

EFIV

• 1D: -0.03%
• 1M: -0.73%
• 6M: 9.40%
• YTD: 10.60%
• 1Y: 24.62%
• 3Y*: 20.05%
• 5Y*: 13.92%
• 10Y*: —

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

AAPD vs. EFIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AAPD Direxion Daily AAPL Bear 1X Shares	-17.58%	-11.41%	-21.45%	-30.42%	20.24%
EFIV State Street SPDR S&P 500 ESG ETF	10.60%	18.47%	23.80%	27.92%	-6.56%

Correlation

The correlation between AAPD and EFIV is -0.46, 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	-0.46
Correlation (3Y) Calculated over the trailing 3-year period	-0.56
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	-0.63

The correlation between AAPD and EFIV shifts across timeframes, from -0.63 (all time) to -0.46 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

AAPD vs. EFIV — 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

EFIV

EFIV Risk / Return Rank: 75
EFIV Sharpe Ratio Rank: 78
EFIV Sortino Ratio Rank: 77
EFIV Omega Ratio Rank: 75
EFIV Calmar Ratio Rank: 65
EFIV Martin Ratio Rank: 78

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. EFIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AAPL Bear 1X Shares (AAPD) and State Street SPDR S&P 500 ESG ETF (EFIV). 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	EFIV	Difference
Sharpe ratio: Return per unit of total volatility	-1.50	1.97	-3.47
Sortino ratio: Return per unit of downside risk	-2.22	2.75	-4.97
Omega ratio: Gain probability vs. loss probability	0.73	1.35	-0.62
Calmar ratio: Return relative to maximum drawdown	-0.95	2.62	-3.57
Martin ratio: Return relative to average drawdown	-1.53	11.74	-13.26

AAPD vs. EFIV - Sharpe Ratio Comparison

The current AAPD Sharpe Ratio is -1.50, which is lower than the EFIV Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of AAPD and EFIV, 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. EFIV - Drawdown Comparison

The maximum AAPD drawdown since its inception was -61.58%, which is greater than EFIV's maximum drawdown of -24.52%. Use the drawdown chart below to compare losses from any high point for AAPD and EFIV.

Drawdown Indicators

	AAPD	EFIV	Difference
Max Drawdown Largest peak-to-trough decline	-61.58%	-24.52%	-37.06%
Max Drawdown (1Y) Largest decline over 1 year	-38.39%	-9.44%	-28.95%
Max Drawdown (3Y) Largest decline over 3 years	-51.33%	-19.23%	-32.10%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Current Drawdown Current decline from peak	-61.58%	-0.73%	-60.85%
Average Drawdown Average peak-to-trough decline	-34.84%	-4.74%	-30.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.76%	2.10%	+21.66%

Volatility

AAPD vs. EFIV - Volatility Comparison

Direxion Daily AAPL Bear 1X Shares (AAPD) has a higher volatility of 10.01% compared to State Street SPDR S&P 500 ESG ETF (EFIV) at 3.87%. This indicates that AAPD's price experiences larger fluctuations and is considered to be riskier than EFIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPD	EFIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.01%	3.87%	+6.14%
Volatility (6M) Calculated over the trailing 6-month period	19.04%	10.20%	+8.84%
Volatility (1Y) Calculated over the trailing 1-year period	24.25%	12.54%	+11.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.22%	17.05%	+10.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.22%	16.81%	+10.41%

AAPD vs. EFIV - Expense Ratio Comparison

AAPD has a 1.06% expense ratio, which is higher than EFIV's 0.10% expense ratio.

Dividends

AAPD vs. EFIV - Dividend Comparison

AAPD's dividend yield for the trailing twelve months is around 3.71%, more than EFIV's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
AAPD Direxion Daily AAPL Bear 1X Shares	3.71%	3.60%	4.55%	4.37%	0.53%	0.00%	0.00%
EFIV State Street SPDR S&P 500 ESG ETF	0.96%	1.03%	1.20%	1.37%	1.64%	1.19%	0.65%

Frequently Asked Questions

Can I hold both AAPD and EFIV in my portfolio?

AAPD and EFIV have a correlation of -0.46, 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 EFIV?

AAPD has higher volatility (10.01%) compared to EFIV (3.87%). In terms of maximum drawdown, AAPD dropped -61.58% vs EFIV's -24.52%.

Which ETF is better, AAPD or EFIV?

On 3-year performance, EFIV leads with 20.05% vs -16.68% for AAPD. On fees, EFIV is cheaper at 0.10% per year. On volatility, EFIV has been the lower-risk option at 3.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPD or EFIV?

Over the 3-year period, EFIV has performed better with a 20.05% return vs -16.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPD or EFIV?

EFIV is cheaper with a 0.10% expense ratio, compared with 1.06% for AAPD.

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

AAPD has the higher dividend yield at 3.71%, compared with 0.96% for EFIV.

What is the main difference between AAPD and EFIV?

AAPD is categorized as Inverse Equities, while EFIV is S&P 500. AAPD tracks Apple Inc. (-100%), while EFIV tracks S&P 500 ESG Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.06% for AAPD and 0.10% for EFIV.

Which has better risk-adjusted returns?

EFIV currently has the higher Sharpe Ratio (1.97 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.