AAPD vs. MSTZ

Last updated Jul 14, 2026

AAPD (Direxion Daily AAPL Bear 1X Shares) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both Inverse Equities funds. AAPD is passively managed, while MSTZ is actively managed. Over the past year, AAPD returned -33.43% vs 282.56% for MSTZ. At a 0.20 correlation, their price movements are largely independent. AAPD charges 1.06%/yr vs 1.05%/yr for MSTZ.

Performance

AAPD vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AAPL Bear 1X Shares (AAPD) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPD achieves a -14.80% return, which is significantly higher than MSTZ's -23.27% return.

AAPD

• 1D: -0.63%
• 1M: -8.69%
• 6M: -18.47%
• YTD: -14.80%
• 1Y: -33.43%
• 3Y*: -15.75%
• 5Y*: —
• 10Y*: —

MSTZ

• 1D: 5.07%
• 1M: 46.38%
• 6M: -9.68%
• YTD: -23.27%
• 1Y: 282.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAPD vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAPD Direxion Daily AAPL Bear 1X Shares	-14.80%	-11.41%	-12.65%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-23.27%	-38.95%	-94.43%

Correlation

The correlation between AAPD and MSTZ is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	0.20

Return for Risk

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

MSTZ

MSTZ Risk / Return Rank: 68
MSTZ Sharpe Ratio Rank: 76
MSTZ Sortino Ratio Rank: 67
MSTZ Omega Ratio Rank: 68
MSTZ Calmar Ratio Rank: 80
MSTZ Martin Ratio Rank: 49

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. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AAPL Bear 1X Shares (AAPD) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). 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	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-1.40	1.92	-3.32
Sortino ratio: Return per unit of downside risk	-2.05	2.45	-4.50
Omega ratio: Gain probability vs. loss probability	0.75	1.32	-0.57
Calmar ratio: Return relative to maximum drawdown	-0.92	3.35	-4.28
Martin ratio: Return relative to average drawdown	-1.42	6.53	-7.95

AAPD vs. MSTZ - Sharpe Ratio Comparison

The current AAPD Sharpe Ratio is -1.40, which is lower than the MSTZ Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of AAPD and MSTZ, 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. MSTZ - Drawdown Comparison

The maximum AAPD drawdown since its inception was -60.28%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for AAPD and MSTZ.

Drawdown Indicators

	AAPD	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-60.28%	-99.38%	+39.10%
Max Drawdown (1Y) Largest decline over 1 year	-36.31%	-84.89%	+48.58%
Max Drawdown (3Y) Largest decline over 3 years	-49.69%	—	—
Current Drawdown Current decline from peak	-60.28%	-97.39%	+37.11%
Average Drawdown Average peak-to-trough decline	-34.79%	-94.53%	+59.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.53%	43.51%	-19.98%

Volatility

AAPD vs. MSTZ - Volatility Comparison

The current volatility for Direxion Daily AAPL Bear 1X Shares (AAPD) is 9.46%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 56.56%. This indicates that AAPD experiences smaller price fluctuations and is considered to be less risky than MSTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPD	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.46%	56.56%	-47.10%
Volatility (6M) Calculated over the trailing 6-month period	18.60%	135.11%	-116.51%
Volatility (1Y) Calculated over the trailing 1-year period	24.00%	148.53%	-124.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.17%	171.02%	-143.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.17%	171.02%	-143.85%

AAPD vs. MSTZ - Expense Ratio Comparison

AAPD has a 1.06% expense ratio, which is higher than MSTZ's 1.05% expense ratio.

Dividends

AAPD vs. MSTZ - Dividend Comparison

AAPD's dividend yield for the trailing twelve months is around 3.59%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
AAPD Direxion Daily AAPL Bear 1X Shares	3.59%	3.60%	4.55%	4.37%	0.53%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AAPD and MSTZ in my portfolio?

AAPD and MSTZ have a correlation of 0.20, 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 MSTZ?

MSTZ has higher volatility (56.56%) compared to AAPD (9.46%). In terms of maximum drawdown, AAPD dropped -60.28% vs MSTZ's -99.38%.

Which ETF is better, AAPD or MSTZ?

On 1-year performance, MSTZ leads with 282.56% vs -33.43% for AAPD. On fees, MSTZ is cheaper at 1.05% per year. On volatility, AAPD has been the lower-risk option at 9.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPD or MSTZ?

Over the 1-year period, MSTZ has performed better with a 282.56% return vs -33.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPD or MSTZ?

MSTZ is cheaper with a 1.05% expense ratio, compared with 1.06% for AAPD.

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

AAPD has the higher dividend yield at 3.59%, compared with 0.00% for MSTZ.

What is the main difference between AAPD and MSTZ?

They also come from different issuers: Direxion and REX. Their fees differ too: 1.06% for AAPD and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.92 vs -1.40), 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.