AAPD vs. FDRR

Last updated Jun 25, 2026

AAPD (Direxion Daily AAPL Bear 1X Shares) and FDRR (Fidelity Dividend ETF for Rising Rates) are both exchange-traded funds - AAPD is a Inverse Equities fund tracking the Apple Inc. (-100%), while FDRR is a Large Cap Blend Equities fund tracking the Fidelity Dividend Index for Rising Rates. Both are passively managed. Over the past 3 years, AAPD returned -13.82%/yr vs 19.86%/yr for FDRR. At a correlation of -0.60, they often move in opposite directions. AAPD charges 1.06%/yr vs 0.15%/yr for FDRR.

Performance

AAPD vs. FDRR - Performance Comparison

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

Returns By Period

In the year-to-date period, AAPD achieves a -7.23% return, which is significantly lower than FDRR's 7.30% return.

AAPD

• 1D: 0.42%
• 1M: 5.45%
• YTD: -7.23%
• 6M: -6.44%
• 1Y: -31.03%
• 3Y*: -13.82%
• 5Y*: —
• 10Y*: —

FDRR

• 1D: -0.53%
• 1M: -0.90%
• YTD: 7.30%
• 6M: 6.27%
• 1Y: 24.85%
• 3Y*: 19.86%
• 5Y*: 11.85%
• 10Y*: —

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

AAPD vs. FDRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AAPD Direxion Daily AAPL Bear 1X Shares	-7.23%	-11.41%	-21.45%	-30.42%	20.24%
FDRR Fidelity Dividend ETF for Rising Rates	7.30%	21.70%	20.24%	13.66%	-1.80%

Correlation

The correlation between AAPD and FDRR is -0.55, 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	-0.55
Correlation (3Y) Calculated over the trailing 3-year period	-0.54
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	-0.60

The correlation between AAPD and FDRR has been stable across timeframes, ranging from -0.60 to -0.54 - a consistent structural relationship.

Return for Risk

AAPD vs. FDRR — 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: 1
AAPD Omega Ratio Rank: 0
AAPD Calmar Ratio Rank: 2
AAPD Martin Ratio Rank: 2

FDRR

FDRR Risk / Return Rank: 74
FDRR Sharpe Ratio Rank: 78
FDRR Sortino Ratio Rank: 78
FDRR Omega Ratio Rank: 77
FDRR Calmar Ratio Rank: 66
FDRR Martin Ratio Rank: 72

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. FDRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AAPL Bear 1X Shares (AAPD) and Fidelity Dividend ETF for Rising Rates (FDRR). 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	FDRR	Difference
Sharpe ratio: Return per unit of total volatility	-1.38	2.23	-3.60
Sortino ratio: Return per unit of downside risk	-1.95	3.11	-5.07
Omega ratio: Gain probability vs. loss probability	0.76	1.40	-0.64
Calmar ratio: Return relative to maximum drawdown	-0.87	2.93	-3.80
Martin ratio: Return relative to average drawdown	-1.37	11.93	-13.30

AAPD vs. FDRR - Sharpe Ratio Comparison

The current AAPD Sharpe Ratio is -1.38, which is lower than the FDRR Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of AAPD and FDRR, 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. FDRR - Drawdown Comparison

The maximum AAPD drawdown since its inception was -59.79%, which is greater than FDRR's maximum drawdown of -36.52%. Use the drawdown chart below to compare losses from any high point for AAPD and FDRR.

Drawdown Indicators

	AAPD	FDRR	Difference
Max Drawdown Largest peak-to-trough decline	-59.79%	-36.52%	-23.27%
Max Drawdown (1Y) Largest decline over 1 year	-35.74%	-8.52%	-27.22%
Max Drawdown (3Y) Largest decline over 3 years	-49.07%	-18.04%	-31.03%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.92%	—
Current Drawdown Current decline from peak	-56.75%	-3.59%	-53.16%
Average Drawdown Average peak-to-trough decline	-34.50%	-3.99%	-30.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.84%	2.09%	+20.75%

Volatility

AAPD vs. FDRR - Volatility Comparison

Direxion Daily AAPL Bear 1X Shares (AAPD) has a higher volatility of 6.70% compared to Fidelity Dividend ETF for Rising Rates (FDRR) at 3.69%. This indicates that AAPD's price experiences larger fluctuations and is considered to be riskier than FDRR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPD	FDRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.70%	3.69%	+3.01%
Volatility (6M) Calculated over the trailing 6-month period	16.69%	8.70%	+7.99%
Volatility (1Y) Calculated over the trailing 1-year period	22.61%	11.24%	+11.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.96%	15.02%	+11.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.96%	16.86%	+10.10%

AAPD vs. FDRR - Expense Ratio Comparison

AAPD has a 1.06% expense ratio, which is higher than FDRR's 0.15% expense ratio.

Dividends

AAPD vs. FDRR - Dividend Comparison

AAPD's dividend yield for the trailing twelve months is around 3.30%, more than FDRR's 2.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
AAPD Direxion Daily AAPL Bear 1X Shares	3.30%	3.60%	4.55%	4.37%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FDRR Fidelity Dividend ETF for Rising Rates	2.18%	2.21%	2.61%	2.93%	2.75%	2.09%	2.85%	2.89%	3.20%	2.89%	0.61%

Frequently Asked Questions

Can I hold both AAPD and FDRR in my portfolio?

AAPD and FDRR have a correlation of -0.55, 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 FDRR?

AAPD has higher volatility (6.70%) compared to FDRR (3.69%). In terms of maximum drawdown, AAPD dropped -59.79% vs FDRR's -36.52%.

Which ETF is better, AAPD or FDRR?

On 3-year performance, FDRR leads with 19.86% vs -13.82% for AAPD. On fees, FDRR is cheaper at 0.15% per year. On volatility, FDRR has been the lower-risk option at 3.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPD or FDRR?

Over the 3-year period, FDRR has performed better with a 19.86% return vs -13.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPD or FDRR?

FDRR is cheaper with a 0.15% expense ratio, compared with 1.06% for AAPD.

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

AAPD has the higher dividend yield at 3.30%, compared with 2.18% for FDRR.

What is the main difference between AAPD and FDRR?

AAPD is categorized as Inverse Equities, while FDRR is Large Cap Blend Equities. AAPD tracks Apple Inc. (-100%), while FDRR tracks Fidelity Dividend Index for Rising Rates. They also come from different issuers: Direxion and Fidelity. Their fees differ too: 1.06% for AAPD and 0.15% for FDRR.

Which has better risk-adjusted returns?

FDRR currently has the higher Sharpe Ratio (2.23 vs -1.38), 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.