AAPD vs. QQQE

Last updated Jun 4, 2026

AAPD (Direxion Daily AAPL Bear 1X Shares) and QQQE (Direxion NASDAQ-100 Equal Weighted Index Shares) are both exchange-traded funds - AAPD is a Inverse Equities fund tracking the Apple Inc. (-100%), while QQQE is a Nasdaq-100 fund tracking the NASDAQ-100 Equal Weighted Index. Both are passively managed. Over the past 3 years, AAPD returned -16.24%/yr vs 18.69%/yr for QQQE. At a correlation of -0.57, they often move in opposite directions. AAPD charges 1.06%/yr vs 0.35%/yr for QQQE.

Performance

AAPD vs. QQQE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AAPL Bear 1X Shares (AAPD) and Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPD achieves a -12.45% return, which is significantly lower than QQQE's 19.12% return.

AAPD

• 1D: 1.51%
• 1M: -10.79%
• YTD: -12.45%
• 6M: -8.15%
• 1Y: -33.84%
• 3Y*: -16.24%
• 5Y*: —
• 10Y*: —

QQQE

• 1D: -0.10%
• 1M: 10.46%
• YTD: 19.12%
• 6M: 17.48%
• 1Y: 28.68%
• 3Y*: 18.69%
• 5Y*: 10.30%
• 10Y*: 15.49%

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

AAPD vs. QQQE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AAPD Direxion Daily AAPL Bear 1X Shares	-12.45%	-11.41%	-21.45%	-30.42%	21.49%
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares	19.12%	14.58%	6.98%	33.76%	-8.66%

Correlation

The correlation between AAPD and QQQE is -0.42, 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	-0.42
Correlation (3Y) Calculated over the trailing 3-year period	-0.48
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022	-0.57

The correlation between AAPD and QQQE shifts across timeframes, from -0.57 (all time) to -0.42 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

AAPD vs. QQQE — 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: 1

QQQE

QQQE Risk / Return Rank: 58
QQQE Sharpe Ratio Rank: 59
QQQE Sortino Ratio Rank: 57
QQQE Omega Ratio Rank: 55
QQQE Calmar Ratio Rank: 61
QQQE Martin Ratio Rank: 59

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. QQQE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AAPL Bear 1X Shares (AAPD) and Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE). 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	QQQE	Difference
Sharpe ratio Return per unit of total volatility	-1.52	2.04	-3.56
Sortino ratio Return per unit of downside risk	-2.18	2.79	-4.97
Omega ratio Gain probability vs. loss probability	0.74	1.35	-0.61
Calmar ratio Return relative to maximum drawdown	-0.91	3.06	-3.97
Martin ratio Return relative to average drawdown	-1.46	10.57	-12.03
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. QQQE - Sharpe Ratio Comparison

The current AAPD Sharpe Ratio is -1.52, which is lower than the QQQE Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of AAPD and QQQE, 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	QQQE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.52	2.04	-3.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.51	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.75	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.59	0.76	-1.36

Drawdowns

AAPD vs. QQQE - Drawdown Comparison

The maximum AAPD drawdown since its inception was -59.79%, which is greater than QQQE's maximum drawdown of -32.14%. Use the drawdown chart below to compare losses from any high point for AAPD and QQQE.

Drawdown Indicators

	AAPD	QQQE	Difference
Max Drawdown Largest peak-to-trough decline	-59.79%	-32.14%	-27.65%
Max Drawdown (1Y) Largest decline over 1 year	-37.37%	-9.41%	-27.96%
Max Drawdown (3Y) Largest decline over 3 years	-49.07%	-21.38%	-27.69%
Max Drawdown (5Y) Largest decline over 5 years	—	-32.14%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.14%	—
Current Drawdown Current decline from peak	-59.19%	-0.10%	-59.09%
Average Drawdown Average peak-to-trough decline	-34.19%	-5.17%	-29.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.16%	2.72%	+20.44%

Volatility

AAPD vs. QQQE - Volatility Comparison

Direxion Daily AAPL Bear 1X Shares (AAPD) has a higher volatility of 5.47% compared to Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE) at 3.79%. This indicates that AAPD's price experiences larger fluctuations and is considered to be riskier than QQQE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPD	QQQE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.47%	3.79%	+1.68%
Volatility (6M) Calculated over the trailing 6-month period	16.01%	10.64%	+5.37%
Volatility (1Y) Calculated over the trailing 1-year period	22.36%	14.15%	+8.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.02%	20.30%	+6.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.02%	20.72%	+6.30%

AAPD vs. QQQE - Expense Ratio Comparison

AAPD has a 1.06% expense ratio, which is higher than QQQE's 0.35% expense ratio.

Dividends

AAPD vs. QQQE - Dividend Comparison

AAPD's dividend yield for the trailing twelve months is around 3.84%, more than QQQE's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAPD Direxion Daily AAPL Bear 1X Shares	3.84%	3.60%	4.55%	4.37%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares	0.52%	0.52%	0.86%	0.79%	0.98%	3.83%	0.54%	0.74%	0.80%	0.65%	1.17%	0.57%

Frequently Asked Questions

Can I hold both AAPD and QQQE in my portfolio?

AAPD and QQQE have a correlation of -0.42, 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 QQQE?

AAPD has higher volatility (5.47%) compared to QQQE (3.79%). In terms of maximum drawdown, AAPD dropped -59.79% vs QQQE's -32.14%.

Which ETF is better, AAPD or QQQE?

On 3-year performance, QQQE leads with 18.69% vs -16.24% for AAPD. On fees, QQQE is cheaper at 0.35% per year. On volatility, QQQE has been the lower-risk option at 3.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPD or QQQE?

Over the 3-year period, QQQE has performed better with a 18.69% return vs -16.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPD or QQQE?

QQQE is cheaper with a 0.35% expense ratio, compared with 1.06% for AAPD.

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

AAPD has the higher dividend yield at 3.84%, compared with 0.52% for QQQE.

What is the main difference between AAPD and QQQE?

AAPD is categorized as Inverse Equities, while QQQE is Nasdaq-100. AAPD tracks Apple Inc. (-100%), while QQQE tracks NASDAQ-100 Equal Weighted Index. Their fees differ too: 1.06% for AAPD and 0.35% for QQQE.

Which has better risk-adjusted returns?

QQQE currently has the higher Sharpe Ratio (2.04 vs -1.52), 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.