AAPD vs. MSFD

Last updated Aug 5, 2026

AAPD (Direxion Daily AAPL Bear 1X Shares) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds from Direxion - AAPD tracks the Apple Inc. (-100%) while MSFD tracks the Microsoft Corporation (-100%). Both are passively managed. Over the past 3 years, AAPD returned -16.55%/yr vs -13.24%/yr for MSFD. Their 0.45 correlation means their historical movements had little consistent relationship. Both charge a 1.06% expense ratio.

Performance

AAPD vs. MSFD - Performance Comparison

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

Returns By Period

In the year-to-date period, AAPD achieves a -13.18% return, which is significantly lower than MSFD's -7.52% return.

AAPD

• 1D: -1.92%
• 1M: -1.06%
• 6M: -13.97%
• YTD: -13.18%
• 1Y: -34.80%
• 3Y*: -16.55%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -15.73%

MSFD

• 1D: -1.04%
• 1M: -22.84%
• 6M: -20.60%
• YTD: -7.52%
• 1Y: 3.24%
• 3Y*: -13.24%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -16.62%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AAPD Direxion Daily AAPL Bear 1X Shares	$133.85M	$121.65M	$106.46M
MSFD Direxion Daily MSFT Bear 1X Shares	$29.52M	$18.70M	$21.49M

AAPD vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AAPD Direxion Daily AAPL Bear 1X Shares	-13.18%	-11.41%	-21.45%	-30.42%	14.12%
MSFD Direxion Daily MSFT Bear 1X Shares	-7.52%	-13.36%	-7.86%	-35.90%	3.88%

Correlation

The correlation between AAPD and MSFD is 0.17, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.17
Correlation (3Y) Balances recent behavior with more history.	0.35
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022	0.45

Over the past year, the correlation between AAPD and MSFD has dropped to 0.17 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.

Return for Risk

AAPD vs. MSFD — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 2
AAPD Martin Ratio Rank: 1

MSFD

MSFD Risk / Return Rank: 12
MSFD Sharpe Ratio Rank: 12
MSFD Sortino Ratio Rank: 13
MSFD Omega Ratio Rank: 14
MSFD Calmar Ratio Rank: 12
MSFD Martin Ratio Rank: 13

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AAPD vs. MSFD - 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 MSFT Bear 1X Shares (MSFD). 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	MSFD	Difference
Sharpe ratio: Return per unit of total volatility	-1.35	0.10	-1.45
Sortino ratio: Return per unit of downside risk	-2.03	0.35	-2.38
Omega ratio: Gain probability vs. loss probability	0.76	1.05	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.86	0.11	-0.97
Martin ratio: Return relative to average drawdown	-1.38	0.39	-1.77

AAPD vs. MSFD - Sharpe Ratio Comparison

The current AAPD Sharpe Ratio is -1.35, which is lower than the MSFD Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of AAPD and MSFD, 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. MSFD - Drawdown Comparison

The maximum AAPD drawdown since its inception was -63.02%, which is greater than MSFD's maximum drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for AAPD and MSFD.

Drawdown Indicators

	AAPD	MSFD	Difference
Max Drawdown Largest peak-to-trough decline	-63.02%	-59.90%	-3.12%
Max Drawdown (1Y) Largest decline over 1 year	-40.60%	-30.84%	-9.76%
Max Drawdown (3Y) Largest decline over 3 years	-53.16%	-40.50%	-12.66%
Current Drawdown Current decline from peak	-59.53%	-58.29%	-1.24%
Average Drawdown Average peak-to-trough decline	-35.21%	-41.76%	+6.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.30%	8.33%	+16.97%

Volatility

AAPD vs. MSFD - Volatility Comparison

The current volatility for Direxion Daily AAPL Bear 1X Shares (AAPD) is 10.59%, while Direxion Daily MSFT Bear 1X Shares (MSFD) has a volatility of 18.39%. This indicates that AAPD experiences smaller price fluctuations and is considered to be less risky than MSFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPD	MSFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.59%	18.39%	-7.80%
Volatility (6M) Calculated over the trailing 6-month period	20.23%	28.21%	-7.98%
Volatility (1Y) Calculated over the trailing 1-year period	25.84%	32.11%	-6.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.45%	27.63%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.45%	27.63%	-0.18%

AAPD vs. MSFD - Expense Ratio Comparison

Both AAPD and MSFD have an expense ratio of 1.06%.

Dividends

AAPD vs. MSFD - Dividend Comparison

AAPD's dividend yield for the trailing twelve months is around 3.52%, less than MSFD's 4.27% yield.

Position	TTM	2025	2024	2023	2022
AAPD Direxion Daily AAPL Bear 1X Shares	3.52%	3.60%	4.55%	4.37%	0.53%
MSFD Direxion Daily MSFT Bear 1X Shares	4.27%	3.33%	4.46%	4.43%	0.74%

Frequently Asked Questions

Can I hold both AAPD and MSFD in my portfolio?

AAPD and MSFD have a correlation of 0.17, 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 MSFD?

MSFD has higher volatility (18.39%) compared to AAPD (10.59%). In terms of maximum drawdown, AAPD dropped -63.02% vs MSFD's -59.90%.

Which ETF is better, AAPD or MSFD?

On 3-year performance, MSFD leads with -13.24% vs -16.55% for AAPD. Both ETFs have the same 1.06% expense ratio. On volatility, AAPD has been the lower-risk option at 10.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPD or MSFD?

Over the 3-year period, MSFD has performed better with a -13.24% return vs -16.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPD or MSFD?

AAPD and MSFD have the same expense ratio: 1.06% per year.

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

MSFD has the higher dividend yield at 4.27%, compared with 3.52% for AAPD.

What is the main difference between AAPD and MSFD?

AAPD tracks Apple Inc. (-100%), while MSFD tracks Microsoft Corporation (-100%).

Which has better risk-adjusted returns?

MSFD currently has the higher Sharpe Ratio (0.10 vs -1.35), 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.