AAPD vs. MSTZ

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily AAPL Bear 1X Shares (AAPD) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ).

AAPD and MSTZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AAPD is a passively managed fund by Direxion that tracks the performance of the Apple Inc. (-100%). It was launched on Aug 8, 2022. MSTZ is an actively managed fund by REX. It was launched on Sep 17, 2024.

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.

AAPD vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAPD Direxion Daily AAPL Bear 1X Shares	7.12%	-11.41%	-11.10%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-27.23%	-38.95%	-94.26%

Returns By Period

In the year-to-date period, AAPD achieves a 7.12% return, which is significantly higher than MSTZ's -27.23% return.

AAPD

• 1D: -2.79%
• 1M: 4.31%
• YTD: 7.12%
• 6M: 1.14%
• 1Y: -15.69%
• 3Y*: -13.03%
• 5Y*: —
• 10Y*: —

MSTZ

• 1D: -5.53%
• 1M: -4.07%
• YTD: -27.23%
• 6M: 137.26%
• 1Y: -11.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAPD vs. MSTZ - Expense Ratio Comparison

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

AAPD

Direxion Daily AAPL Bear 1X Shares

MSTZ

T-REX 2X Inverse MSTR Daily Target ETF

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: 5
AAPD Sharpe Ratio Rank: 4
AAPD Sortino Ratio Rank: 4
AAPD Omega Ratio Rank: 3
AAPD Calmar Ratio Rank: 5
AAPD Martin Ratio Rank: 7

MSTZ

MSTZ Risk / Return Rank: 20
MSTZ Sharpe Ratio Rank: 10
MSTZ Sortino Ratio Rank: 36
MSTZ Omega Ratio Rank: 35
MSTZ Calmar Ratio Rank: 10
MSTZ Martin Ratio Rank: 11

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.

	AAPD	MSTZ	Difference
Sharpe ratio Return per unit of total volatility	-0.50	-0.08	-0.42
Sortino ratio Return per unit of downside risk	-0.50	1.02	-1.52
Omega ratio Gain probability vs. loss probability	0.92	1.14	-0.21
Calmar ratio Return relative to maximum drawdown	-0.42	-0.12	-0.29
Martin ratio Return relative to average drawdown	-0.58	-0.17	-0.41
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. MSTZ - Sharpe Ratio Comparison

The current AAPD Sharpe Ratio is -0.50, which is lower than the MSTZ Sharpe Ratio of -0.08. The chart below compares the historical Sharpe Ratios of AAPD and MSTZ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AAPD	MSTZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.50	-0.08	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	-0.44	-0.53	+0.09

Correlation

The correlation between AAPD and MSTZ is 0.19, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

AAPD vs. MSTZ - Dividend Comparison

AAPD's dividend yield for the trailing twelve months is around 3.14%, while MSTZ has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022
AAPD Direxion Daily AAPL Bear 1X Shares	3.14%	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%

Drawdowns

AAPD vs. MSTZ - Drawdown Comparison

The maximum AAPD drawdown since its inception was -55.92%, smaller than the maximum MSTZ drawdown of -99.36%. 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	-55.92%	-99.36%	+43.44%
Max Drawdown (1Y) Largest decline over 1 year	-41.16%	-83.20%	+42.04%
Current Drawdown Current decline from peak	-50.07%	-97.45%	+47.38%
Average Drawdown Average peak-to-trough decline	-33.18%	-93.91%	+60.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.76%	61.32%	-31.56%

Volatility

AAPD vs. MSTZ - Volatility Comparison

The current volatility for Direxion Daily AAPL Bear 1X Shares (AAPD) is 5.62%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 38.43%. 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	5.62%	38.43%	-32.81%
Volatility (6M) Calculated over the trailing 6-month period	15.12%	122.48%	-107.36%
Volatility (1Y) Calculated over the trailing 1-year period	31.58%	147.15%	-115.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.20%	173.11%	-145.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.20%	173.11%	-145.91%