AAPD vs. MSFT

Last updated Jun 3, 2026

AAPD (Direxion Daily AAPL Bear 1X Shares) is Inverse Equities fund tracking the Apple Inc. (-100%), while MSFT (Microsoft Corporation) is a stock. Over the past 3 years, AAPD returned -16.66%/yr vs 10.44%/yr for MSFT. At a correlation of -0.47, they often move in opposite directions.

Performance

AAPD vs. MSFT - Performance Comparison

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

Returns By Period

In the year-to-date period, AAPD achieves a -13.75% return, which is significantly lower than MSFT's -8.34% return.

AAPD

• 1D: -2.85%
• 1M: -11.07%
• YTD: -13.75%
• 6M: -8.79%
• 1Y: -35.30%
• 3Y*: -16.66%
• 5Y*: —
• 10Y*: —

MSFT

• 1D: -4.17%
• 1M: 6.71%
• YTD: -8.34%
• 6M: -9.54%
• 1Y: -3.71%
• 3Y*: 10.44%
• 5Y*: 13.35%
• 10Y*: 25.43%

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

AAPD vs. MSFT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AAPD Direxion Daily AAPL Bear 1X Shares	-13.75%	-11.41%	-21.45%	-30.42%	21.49%
MSFT Microsoft Corporation	-8.34%	15.58%	12.93%	58.19%	-14.63%

Correlation

The correlation between AAPD and MSFT is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.37
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022	-0.47

Over the past year, the inverse relationship between AAPD and MSFT has weakened: their correlation has moved from -0.47 to -0.10, meaning they move in opposite directions less often than they have historically.

Return for Risk

AAPD vs. MSFT — 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

MSFT

MSFT Risk / Return Rank: 33
MSFT Sharpe Ratio Rank: 34
MSFT Sortino Ratio Rank: 28
MSFT Omega Ratio Rank: 29
MSFT Calmar Ratio Rank: 36
MSFT Martin Ratio Rank: 37

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. MSFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AAPL Bear 1X Shares (AAPD) and Microsoft Corporation (MSFT). 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	MSFT	Difference
Sharpe ratio Return per unit of total volatility	-1.59	-0.15	-1.44
Sortino ratio Return per unit of downside risk	-2.31	-0.04	-2.27
Omega ratio Gain probability vs. loss probability	0.72	1.00	-0.27
Calmar ratio Return relative to maximum drawdown	-0.95	-0.10	-0.85
Martin ratio Return relative to average drawdown	-1.54	-0.21	-1.33
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. MSFT - Sharpe Ratio Comparison

The current AAPD Sharpe Ratio is -1.59, which is lower than the MSFT Sharpe Ratio of -0.15. The chart below compares the historical Sharpe Ratios of AAPD and MSFT, 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	MSFT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.59	-0.15	-1.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.94	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.61	0.75	-1.35

Drawdowns

AAPD vs. MSFT - Drawdown Comparison

The maximum AAPD drawdown since its inception was -59.79%, smaller than the maximum MSFT drawdown of -69.38%. Use the drawdown chart below to compare losses from any high point for AAPD and MSFT.

Drawdown Indicators

	AAPD	MSFT	Difference
Max Drawdown Largest peak-to-trough decline	-59.79%	-69.38%	+9.59%
Max Drawdown (1Y) Largest decline over 1 year	-37.37%	-33.91%	-3.46%
Max Drawdown (3Y) Largest decline over 3 years	-49.07%	-33.91%	-15.16%
Max Drawdown (5Y) Largest decline over 5 years	—	-37.15%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.15%	—
Current Drawdown Current decline from peak	-59.79%	-18.07%	-41.72%
Average Drawdown Average peak-to-trough decline	-34.16%	-21.78%	-12.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.05%	15.90%	+7.15%

Volatility

AAPD vs. MSFT - Volatility Comparison

The current volatility for Direxion Daily AAPL Bear 1X Shares (AAPD) is 5.36%, while Microsoft Corporation (MSFT) has a volatility of 9.31%. This indicates that AAPD experiences smaller price fluctuations and is considered to be less risky than MSFT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPD	MSFT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.36%	9.31%	-3.95%
Volatility (6M) Calculated over the trailing 6-month period	16.00%	22.14%	-6.14%
Volatility (1Y) Calculated over the trailing 1-year period	22.30%	24.92%	-2.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.02%	26.59%	+0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.02%	27.03%	-0.01%

Dividends

AAPD vs. MSFT - Dividend Comparison

AAPD's dividend yield for the trailing twelve months is around 3.90%, more than MSFT's 0.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAPD Direxion Daily AAPL Bear 1X Shares	3.90%	3.60%	4.55%	4.37%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MSFT Microsoft Corporation	0.81%	0.70%	0.73%	0.74%	1.06%	0.68%	0.94%	1.20%	1.69%	1.86%	2.37%	2.33%

Frequently Asked Questions

Can I hold both AAPD and MSFT in my portfolio?

AAPD and MSFT have a correlation of -0.10, 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 MSFT?

MSFT has higher volatility (9.31%) compared to AAPD (5.36%). In terms of maximum drawdown, AAPD dropped -59.79% vs MSFT's -69.38%.

Which has better risk-adjusted returns?

MSFT currently has the higher Sharpe Ratio (-0.15 vs -1.59), 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.