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 -16.24%/yr vs 52.83%/yr for SPXL. At a correlation of -0.63, they often move in opposite directions. 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 -12.45% return, which is significantly lower than SPXL's 28.14% return.
AAPD
- 1D
- 1.51%
- 1M
- -10.79%
- YTD
- -12.45%
- 6M
- -8.15%
- 1Y
- -33.84%
- 3Y*
- -16.24%
- 5Y*
- —
- 10Y*
- —
SPXL
- 1D
- -2.08%
- 1M
- 14.77%
- YTD
- 28.14%
- 6M
- 26.88%
- 1Y
- 81.54%
- 3Y*
- 52.83%
- 5Y*
- 23.51%
- 10Y*
- 30.20%
AAPD vs. SPXL - 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% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 28.14% | 31.94% | 63.61% | 69.49% | -25.73% |
Correlation
The correlation between AAPD and SPXL is -0.51, 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 | -0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.56 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | -0.63 |
The correlation between AAPD and SPXL shifts across timeframes, from -0.63 (all time) to -0.51 (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.
| AAPD | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.84 | ||
| Sortino ratioReturn per unit of downside risk | -4.96 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.37 | -0.63 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 3.06 | -3.97 |
| Martin ratioReturn relative to average drawdown | -1.46 | 12.94 | -14.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AAPD | SPXL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.52 | 2.32 | -3.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.47 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.57 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | 0.53 | -1.12 |
Drawdowns
AAPD vs. SPXL - Drawdown Comparison
The maximum AAPD drawdown since its inception was -59.79%, 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 | -59.79% | -76.86% | +17.07% |
Max Drawdown (1Y)Largest decline over 1 year | -37.37% | -26.77% | -10.60% |
Max Drawdown (3Y)Largest decline over 3 years | -49.07% | -48.95% | -0.12% |
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 | -59.19% | -2.08% | -57.11% |
Average DrawdownAverage peak-to-trough decline | -34.19% | -15.72% | -18.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.16% | 6.32% | +16.84% |
Volatility
AAPD vs. SPXL - Volatility Comparison
The current volatility for Direxion Daily AAPL Bear 1X Shares (AAPD) is 5.47%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 8.49%. 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 | 5.47% | 8.49% | -3.02% |
Volatility (6M)Calculated over the trailing 6-month period | 16.01% | 26.67% | -10.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.36% | 35.39% | -13.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.02% | 50.24% | -23.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.02% | 53.42% | -26.40% |
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 3.84%, more than SPXL's 0.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.52% | 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 -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXL has higher volatility (8.49%) compared to AAPD (5.47%). In terms of maximum drawdown, AAPD dropped -59.79% vs SPXL's -76.86%.
On 3-year performance, SPXL leads with 52.83% vs -16.24% for AAPD. On fees, SPXL is cheaper at 0.84% per year. On volatility, AAPD has been the lower-risk option at 5.47%. 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 52.83% return vs -16.24%. 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 3.84%, compared with 0.52% 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 (2.32 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.
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