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 -16.55%/yr vs 64.24%/yr for TECL. Their -0.58 correlation means they have often moved in opposite directions in the past. AAPD charges 1.06%/yr vs 0.91%/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 -13.18% return, which is significantly lower than TECL's 77.71% 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%
TECL
- 1D
- 14.98%
- 1M
- 6.72%
- 6M
- 88.27%
- YTD
- 77.71%
- 1Y
- 117.04%
- 3Y*
- 64.24%
- 5Y*
- 28.73%
- 10Y*
- 47.77%
- ALL TIME*
- 48.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $133.85M | $121.65M | $106.46M | |
| $156.89M | $152.83M | $226.69M |
AAPD vs. TECL - 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% |
TECL Direxion Daily Technology Bull 3X Shares | 77.71% | 38.60% | 36.15% | 203.14% | -46.39% |
Correlation
The correlation between AAPD and TECL is -0.31, 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. | -0.31 |
Correlation (3Y) Balances recent behavior with more history. | -0.48 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | -0.58 |
Over the past year, the inverse relationship between AAPD and TECL has weakened: their correlation has moved from -0.58 to -0.31, 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.
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 | TECL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.88 | ||
| Sortino ratioReturn per unit of downside risk | -4.08 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.26 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 2.53 | -3.39 |
| Martin ratioReturn relative to average drawdown | -1.38 | 5.97 | -7.34 |
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Drawdowns
AAPD vs. TECL - Drawdown Comparison
The maximum AAPD drawdown since its inception was -63.02%, 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 | -63.02% | -77.96% | +14.94% |
Max Drawdown (1Y)Largest decline over 1 year | -40.60% | -46.58% | +5.98% |
Max Drawdown (3Y)Largest decline over 3 years | -53.16% | -66.58% | +13.42% |
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 | -59.53% | -23.68% | -35.85% |
Average DrawdownAverage peak-to-trough decline | -35.21% | -18.45% | -16.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.30% | 19.69% | +5.61% |
Volatility
AAPD vs. TECL - Volatility Comparison
The current volatility for Direxion Daily AAPL Bear 1X Shares (AAPD) is 10.59%, while Direxion Daily Technology Bull 3X Shares (TECL) has a volatility of 30.57%. 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 | 10.59% | 30.57% | -19.98% |
Volatility (6M)Calculated over the trailing 6-month period | 20.23% | 66.53% | -46.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.84% | 77.41% | -51.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.45% | 76.96% | -49.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.45% | 73.75% | -46.30% |
AAPD vs. TECL - Expense Ratio Comparison
AAPD has a 1.06% expense ratio, which is higher than TECL's 0.91% expense ratio.
Dividends
AAPD vs. TECL - Dividend Comparison
AAPD's dividend yield for the trailing twelve months is around 3.52%, less than TECL's 4.01% 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% |
TECL Direxion Daily Technology Bull 3X Shares | 4.01% | 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 -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECL has higher volatility (30.57%) compared to AAPD (10.59%). In terms of maximum drawdown, AAPD dropped -63.02% vs TECL's -77.96%.
On 3-year performance, TECL leads with 64.24% vs -16.55% for AAPD. On fees, TECL is cheaper at 0.91% 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, TECL has performed better with a 64.24% return vs -16.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TECL is cheaper with a 0.91% expense ratio, compared with 1.06% for AAPD.
TECL has the higher dividend yield at 4.01%, compared with 3.52% for AAPD.
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 0.91% for TECL.
TECL currently has the higher Sharpe Ratio (1.52 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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