AAPD vs. TECL
AAPD (Direxion Daily AAPL Bear 1X Shares) and TECL (Direxion Daily Technology Bull 3X Shares) are both exchange-traded funds - AAPD is a Inverse Equities fund tracking the Apple Inc. (-100%), while TECL is a Leveraged Equities fund tracking the Technology Select Sector Index (300%). Both are passively managed. Over the past 3 years, AAPD returned -16.24%/yr vs 80.64%/yr for TECL. At a correlation of -0.62, they often move in opposite directions. AAPD charges 1.06%/yr vs 1.08%/yr for TECL.
Performance
AAPD vs. TECL - 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 TECL's 125.87% return.
AAPD
- 1D
- 1.51%
- 1M
- -10.79%
- YTD
- -12.45%
- 6M
- -8.15%
- 1Y
- -33.84%
- 3Y*
- -16.24%
- 5Y*
- —
- 10Y*
- —
TECL
- 1D
- -2.99%
- 1M
- 73.10%
- YTD
- 125.87%
- 6M
- 118.69%
- 1Y
- 267.85%
- 3Y*
- 80.64%
- 5Y*
- 43.44%
- 10Y*
- 54.49%
AAPD vs. TECL - 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% |
TECL Direxion Daily Technology Bull 3X Shares | 125.87% | 38.60% | 36.15% | 203.14% | -44.70% |
Correlation
The correlation between AAPD and TECL is -0.41, 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 | -0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.54 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | -0.62 |
Over the past year, the inverse relationship between AAPD and TECL has weakened: their correlation has moved from -0.62 to -0.41, meaning they move in opposite directions less often than they have historically.
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Return for Risk
AAPD vs. TECL — Risk / Return Rank
AAPD
TECL
AAPD vs. TECL - 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 Technology Bull 3X Shares (TECL). 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 | TECL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.52 | 4.35 | -5.87 |
Sortino ratioReturn per unit of downside risk | -2.18 | 3.66 | -5.85 |
Omega ratioGain probability vs. loss probability | 0.74 | 1.48 | -0.75 |
Calmar ratioReturn relative to maximum drawdown | -0.91 | 5.79 | -6.70 |
Martin ratioReturn relative to average drawdown | -1.46 | 16.63 | -18.10 |
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 | TECL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.52 | 4.35 | -5.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.59 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.76 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | 0.76 | -1.36 |
Drawdowns
AAPD vs. TECL - Drawdown Comparison
The maximum AAPD drawdown since its inception was -59.79%, smaller than the maximum TECL drawdown of -77.96%. Use the drawdown chart below to compare losses from any high point for AAPD and TECL.
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Drawdown Indicators
| AAPD | TECL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.79% | -77.96% | +18.17% |
Max Drawdown (1Y)Largest decline over 1 year | -37.37% | -46.58% | +9.21% |
Max Drawdown (3Y)Largest decline over 3 years | -49.07% | -66.58% | +17.51% |
Max Drawdown (5Y)Largest decline over 5 years | — | -77.96% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -77.96% | — |
Current DrawdownCurrent decline from peak | -59.19% | -2.99% | -56.20% |
Average DrawdownAverage peak-to-trough decline | -34.19% | -18.38% | -15.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.16% | 16.19% | +6.97% |
Volatility
AAPD vs. TECL - Volatility Comparison
The current volatility for Direxion Daily AAPL Bear 1X Shares (AAPD) is 5.47%, while Direxion Daily Technology Bull 3X Shares (TECL) has a volatility of 20.70%. This indicates that AAPD experiences smaller price fluctuations and is considered to be less risky than TECL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAPD | TECL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.47% | 20.70% | -15.23% |
Volatility (6M)Calculated over the trailing 6-month period | 16.01% | 49.83% | -33.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.36% | 62.17% | -39.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.02% | 74.09% | -47.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.02% | 72.35% | -45.33% |
AAPD vs. TECL - Expense Ratio Comparison
AAPD has a 1.06% expense ratio, which is lower than TECL's 1.08% expense ratio.
Dividends
AAPD vs. TECL - Dividend Comparison
AAPD's dividend yield for the trailing twelve months is around 3.84%, more than TECL's 3.15% 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% |
TECL Direxion Daily Technology Bull 3X Shares | 3.15% | 7.19% | 0.29% | 0.28% | 0.22% | 0.32% | 0.52% | 0.25% | 0.47% | 0.10% |
Frequently Asked Questions
AAPD and TECL have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECL has higher volatility (20.70%) compared to AAPD (5.47%). In terms of maximum drawdown, AAPD dropped -59.79% vs TECL's -77.96%.
On 3-year performance, TECL leads with 80.64% vs -16.24% for AAPD. On fees, AAPD is cheaper at 1.06% 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, TECL has performed better with a 80.64% return vs -16.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AAPD is cheaper with a 1.06% expense ratio, compared with 1.08% for TECL.
AAPD has the higher dividend yield at 3.84%, compared with 3.15% for TECL.
AAPD is categorized as Inverse Equities, while TECL is Leveraged Equities. AAPD tracks Apple Inc. (-100%), while TECL tracks Technology Select Sector Index (300%). Their fees differ too: 1.06% for AAPD and 1.08% for TECL.
TECL currently has the higher Sharpe Ratio (4.35 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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