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 -16.68%/yr vs 56.12%/yr for TECL. At a correlation of -0.60, they often move in opposite directions. 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 -17.58% return, which is significantly lower than TECL's 68.11% return.
AAPD
- 1D
- -4.05%
- 1M
- -10.04%
- 6M
- -21.30%
- YTD
- -17.58%
- 1Y
- -36.20%
- 3Y*
- -16.68%
- 5Y*
- —
- 10Y*
- —
TECL
- 1D
- -3.04%
- 1M
- -17.52%
- 6M
- 66.64%
- YTD
- 68.11%
- 1Y
- 114.01%
- 3Y*
- 56.12%
- 5Y*
- 29.60%
- 10Y*
- 48.85%
AAPD vs. TECL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
AAPD Direxion Daily AAPL Bear 1X Shares | -17.58% | -11.41% | -21.45% | -30.42% | 20.24% |
TECL Direxion Daily Technology Bull 3X Shares | 68.11% | 38.60% | 36.15% | 203.14% | -46.39% |
Correlation
The correlation between AAPD and TECL is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.50 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | -0.60 |
Over the past year, the inverse relationship between AAPD and TECL has weakened: their correlation has moved from -0.60 to -0.36, 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 | -3.07 | ||
| Sortino ratioReturn per unit of downside risk | -4.23 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 1.26 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 2.46 | -3.41 |
| Martin ratioReturn relative to average drawdown | -1.53 | 6.38 | -7.91 |
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Drawdowns
AAPD vs. TECL - Drawdown Comparison
The maximum AAPD drawdown since its inception was -61.58%, 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 | -61.58% | -77.96% | +16.38% |
Max Drawdown (1Y)Largest decline over 1 year | -38.39% | -46.58% | +8.19% |
Max Drawdown (3Y)Largest decline over 3 years | -51.33% | -66.58% | +15.25% |
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 | -61.58% | -27.80% | -33.78% |
Average DrawdownAverage peak-to-trough decline | -34.84% | -18.40% | -16.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.76% | 17.93% | +5.83% |
Volatility
AAPD vs. TECL - Volatility Comparison
The current volatility for Direxion Daily AAPL Bear 1X Shares (AAPD) is 10.01%, while Direxion Daily Technology Bull 3X Shares (TECL) has a volatility of 31.14%. 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 | 10.01% | 31.14% | -21.13% |
Volatility (6M)Calculated over the trailing 6-month period | 19.04% | 62.65% | -43.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.25% | 72.88% | -48.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.22% | 76.06% | -48.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.22% | 73.24% | -46.02% |
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 3.71%, less than TECL's 4.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
AAPD Direxion Daily AAPL Bear 1X Shares | 3.71% | 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 | 4.23% | 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 -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECL has higher volatility (31.14%) compared to AAPD (10.01%). In terms of maximum drawdown, AAPD dropped -61.58% vs TECL's -77.96%.
On 3-year performance, TECL leads with 56.12% vs -16.68% for AAPD. On fees, TECL is cheaper at 0.91% per year. On volatility, AAPD has been the lower-risk option at 10.01%. 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 56.12% return vs -16.68%. 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 4.23%, compared with 3.71% 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 (1.57 vs -1.50), 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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