AAPD vs. TMF
AAPD (Direxion Daily AAPL Bear 1X Shares) and TMF (Direxion Daily 20-Year Treasury Bull 3X) are both exchange-traded funds - AAPD is a Inverse Equities fund tracking the Apple Inc. (-100%), while TMF is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (300%). Both are passively managed. Over the past 3 years, AAPD returned -16.24%/yr vs -20.78%/yr for TMF. At a correlation of -0.12, they often move in opposite directions. AAPD charges 1.06%/yr vs 1.09%/yr for TMF.
Performance
AAPD vs. TMF - 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 TMF's -6.13% return.
AAPD
- 1D
- 1.51%
- 1M
- -10.79%
- YTD
- -12.45%
- 6M
- -8.15%
- 1Y
- -33.84%
- 3Y*
- -16.24%
- 5Y*
- —
- 10Y*
- —
TMF
- 1D
- -1.14%
- 1M
- 1.22%
- YTD
- -6.13%
- 6M
- -11.63%
- 1Y
- 0.90%
- 3Y*
- -20.78%
- 5Y*
- -30.52%
- 10Y*
- -16.56%
AAPD vs. TMF - 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% |
TMF Direxion Daily 20-Year Treasury Bull 3X | -6.13% | -2.94% | -35.95% | -13.01% | -42.81% |
Correlation
The correlation between AAPD and TMF is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | -0.12 |
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Return for Risk
AAPD vs. TMF — Risk / Return Rank
AAPD
TMF
AAPD vs. TMF - 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 20-Year Treasury Bull 3X (TMF). 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 | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.55 | ||
| Sortino ratioReturn per unit of downside risk | -2.43 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.03 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 0.03 | -0.94 |
| Martin ratioReturn relative to average drawdown | -1.46 | 0.08 | -1.54 |
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 | TMF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.52 | 0.03 | -1.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.66 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | -0.14 | -0.46 |
Drawdowns
AAPD vs. TMF - Drawdown Comparison
The maximum AAPD drawdown since its inception was -59.79%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for AAPD and TMF.
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Drawdown Indicators
| AAPD | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.79% | -92.89% | +33.10% |
Max Drawdown (1Y)Largest decline over 1 year | -37.37% | -26.51% | -10.86% |
Max Drawdown (3Y)Largest decline over 3 years | -49.07% | -56.31% | +7.24% |
Max Drawdown (5Y)Largest decline over 5 years | — | -88.81% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -92.89% | — |
Current DrawdownCurrent decline from peak | -59.19% | -92.23% | +33.04% |
Average DrawdownAverage peak-to-trough decline | -34.19% | -43.63% | +9.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.16% | 11.49% | +11.67% |
Volatility
AAPD vs. TMF - Volatility Comparison
The current volatility for Direxion Daily AAPL Bear 1X Shares (AAPD) is 5.47%, while Direxion Daily 20-Year Treasury Bull 3X (TMF) has a volatility of 8.09%. This indicates that AAPD experiences smaller price fluctuations and is considered to be less risky than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAPD | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.47% | 8.09% | -2.62% |
Volatility (6M)Calculated over the trailing 6-month period | 16.01% | 19.01% | -3.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.36% | 28.76% | -6.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.02% | 46.75% | -19.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.02% | 43.92% | -16.90% |
AAPD vs. TMF - Expense Ratio Comparison
AAPD has a 1.06% expense ratio, which is lower than TMF's 1.09% expense ratio.
Dividends
AAPD vs. TMF - Dividend Comparison
AAPD's dividend yield for the trailing twelve months is around 3.84%, less than TMF's 4.15% 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% |
TMF Direxion Daily 20-Year Treasury Bull 3X | 4.15% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
AAPD and TMF have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMF has higher volatility (8.09%) compared to AAPD (5.47%). In terms of maximum drawdown, AAPD dropped -59.79% vs TMF's -92.89%.
On 3-year performance, AAPD leads with -16.24% vs -20.78% for TMF. 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, AAPD has performed better with a -16.24% return vs -20.78%. 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 1.09% for TMF.
TMF has the higher dividend yield at 4.15%, compared with 3.84% for AAPD.
AAPD is categorized as Inverse Equities, while TMF is Leveraged Bonds. AAPD tracks Apple Inc. (-100%), while TMF tracks NYSE 20 Year Plus Treasury Bond Index (300%). Their fees differ too: 1.06% for AAPD and 1.09% for TMF.
TMF currently has the higher Sharpe Ratio (0.03 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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