AAPD vs. SPUU
AAPD (Direxion Daily AAPL Bear 1X Shares) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both exchange-traded funds - AAPD is a Inverse Equities fund tracking the Apple Inc. (-100%), while SPUU is a Leveraged Equities fund tracking the S&P 500 Index (200% Daily). Both are passively managed. Over the past 3 years, AAPD returned -16.55%/yr vs 36.19%/yr for SPUU. Their -0.61 correlation means they have often moved in opposite directions in the past. AAPD charges 1.06%/yr vs 0.60%/yr for SPUU.
Performance
AAPD vs. SPUU - Performance Comparison
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Returns By Period
In the year-to-date period, AAPD achieves a -13.18% return, which is significantly lower than SPUU's 24.37% 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%
SPUU
- 1D
- 3.48%
- 1M
- 6.81%
- 6M
- 22.20%
- YTD
- 24.37%
- 1Y
- 42.90%
- 3Y*
- 36.19%
- 5Y*
- 18.90%
- 10Y*
- 24.28%
- ALL TIME*
- 21.98%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $133.85M | $121.65M | $106.46M | |
| $5.02M | $5.05M | $4.57M |
AAPD vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
AAPD Direxion Daily AAPL Bear 1X Shares | -13.18% | -11.41% | -21.45% | -30.42% | 20.24% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 24.37% | 26.55% | 44.25% | 47.28% | -16.30% |
Correlation
The correlation between AAPD and SPUU is -0.45, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.45 |
Correlation (3Y) Balances recent behavior with more history. | -0.52 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | -0.61 |
The correlation between AAPD and SPUU shifts across timeframes, from -0.61 (all time) to -0.45 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
AAPD vs. SPUU — Risk / Return Rank
AAPD
SPUU
AAPD vs. SPUU - 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 S&P 500 Bull 2X ETF (SPUU). 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 | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.02 | ||
| Sortino ratioReturn per unit of downside risk | -4.25 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.28 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 2.37 | -3.23 |
| Martin ratioReturn relative to average drawdown | -1.38 | 9.56 | -10.94 |
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Drawdowns
AAPD vs. SPUU - Drawdown Comparison
The maximum AAPD drawdown since its inception was -63.02%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for AAPD and SPUU.
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Drawdown Indicators
| AAPD | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.02% | -59.35% | -3.67% |
Max Drawdown (1Y)Largest decline over 1 year | -40.60% | -18.19% | -22.41% |
Max Drawdown (3Y)Largest decline over 3 years | -53.16% | -35.18% | -17.98% |
Max Drawdown (5Y)Largest decline over 5 years | — | -46.59% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -59.35% | — |
Current DrawdownCurrent decline from peak | -59.53% | 0.00% | -59.53% |
Average DrawdownAverage peak-to-trough decline | -35.21% | -9.43% | -25.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.30% | 4.50% | +20.80% |
Volatility
AAPD vs. SPUU - Volatility Comparison
Direxion Daily AAPL Bear 1X Shares (AAPD) has a higher volatility of 10.59% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 8.18%. This indicates that AAPD's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAPD | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.59% | 8.18% | +2.41% |
Volatility (6M)Calculated over the trailing 6-month period | 20.23% | 20.79% | -0.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.84% | 26.00% | -0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.45% | 33.76% | -6.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.45% | 35.82% | -8.37% |
AAPD vs. SPUU - Expense Ratio Comparison
AAPD has a 1.06% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
AAPD vs. SPUU - Dividend Comparison
AAPD's dividend yield for the trailing twelve months is around 3.52%, more than SPUU's 1.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AAPD Direxion Daily AAPL Bear 1X Shares | 3.52% | 3.60% | 4.55% | 4.37% | 0.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.26% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
Frequently Asked Questions
AAPD and SPUU have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAPD has higher volatility (10.59%) compared to SPUU (8.18%). In terms of maximum drawdown, AAPD dropped -63.02% vs SPUU's -59.35%.
On 3-year performance, SPUU leads with 36.19% vs -16.55% for AAPD. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 8.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPUU has performed better with a 36.19% return vs -16.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 1.06% for AAPD.
AAPD has the higher dividend yield at 3.52%, compared with 1.26% for SPUU.
AAPD is categorized as Inverse Equities, while SPUU is Leveraged Equities. AAPD tracks Apple Inc. (-100%), while SPUU tracks S&P 500 Index (200% Daily). Their fees differ too: 1.06% for AAPD and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.67 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.
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