AAPD vs. SPXL
AAPD (Direxion Daily AAPL Bear 1X Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - AAPD is a Inverse Equities fund tracking the Apple Inc. (-100%), while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 3 years, AAPD returned -16.55%/yr vs 49.31%/yr for SPXL. Their -0.61 correlation means they have often moved in opposite directions in the past. AAPD charges 1.06%/yr vs 0.84%/yr for SPXL.
Performance
AAPD vs. SPXL - 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 SPXL's 34.10% 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%
SPXL
- 1D
- 5.32%
- 1M
- 9.58%
- 6M
- 31.29%
- YTD
- 34.10%
- 1Y
- 62.41%
- 3Y*
- 49.31%
- 5Y*
- 21.34%
- 10Y*
- 29.35%
- ALL TIME*
- 27.97%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $133.85M | $121.65M | $106.46M | |
| $587.62M | $494.77M | $551.13M |
AAPD vs. SPXL - 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% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 34.10% | 31.94% | 63.61% | 69.49% | -26.67% |
Correlation
The correlation between AAPD and SPXL 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. | -0.53 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | -0.61 |
The correlation between AAPD and SPXL 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. SPXL — Risk / Return Rank
AAPD
SPXL
AAPD vs. SPXL - 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 3X ETF (SPXL). 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 | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.98 | ||
| Sortino ratioReturn per unit of downside risk | -4.16 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.27 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 2.34 | -3.20 |
| Martin ratioReturn relative to average drawdown | -1.38 | 8.97 | -10.35 |
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Drawdowns
AAPD vs. SPXL - Drawdown Comparison
The maximum AAPD drawdown since its inception was -63.02%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for AAPD and SPXL.
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Drawdown Indicators
| AAPD | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.02% | -76.86% | +13.84% |
Max Drawdown (1Y)Largest decline over 1 year | -40.60% | -26.77% | -13.83% |
Max Drawdown (3Y)Largest decline over 3 years | -53.16% | -48.95% | -4.21% |
Max Drawdown (5Y)Largest decline over 5 years | — | -63.80% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.86% | — |
Current DrawdownCurrent decline from peak | -59.53% | 0.00% | -59.53% |
Average DrawdownAverage peak-to-trough decline | -35.21% | -16.03% | -19.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.30% | 6.98% | +18.32% |
Volatility
AAPD vs. SPXL - Volatility Comparison
The current volatility for Direxion Daily AAPL Bear 1X Shares (AAPD) is 10.59%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 12.36%. This indicates that AAPD experiences smaller price fluctuations and is considered to be less risky than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAPD | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.59% | 12.36% | -1.77% |
Volatility (6M)Calculated over the trailing 6-month period | 20.23% | 31.09% | -10.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.84% | 38.80% | -12.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.45% | 50.71% | -23.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.45% | 53.51% | -26.06% |
AAPD vs. SPXL - Expense Ratio Comparison
AAPD has a 1.06% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
AAPD vs. SPXL - Dividend Comparison
AAPD's dividend yield for the trailing twelve months is around 3.52%, more than SPXL's 0.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.48% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
Frequently Asked Questions
AAPD and SPXL 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.
SPXL has higher volatility (12.36%) compared to AAPD (10.59%). In terms of maximum drawdown, AAPD dropped -63.02% vs SPXL's -76.86%.
On 3-year performance, SPXL leads with 49.31% vs -16.55% for AAPD. On fees, SPXL is cheaper at 0.84% per year. On volatility, AAPD has been the lower-risk option at 10.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPXL has performed better with a 49.31% return vs -16.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 1.06% for AAPD.
AAPD has the higher dividend yield at 3.52%, compared with 0.48% for SPXL.
AAPD is categorized as Inverse Equities, while SPXL is Leveraged Equities. AAPD tracks Apple Inc. (-100%), while SPXL tracks S&P 500. Their fees differ too: 1.06% for AAPD and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (1.63 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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