AAPD vs. TMF
AAPD (Direxion Daily AAPL Bear 1X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) 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 ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 3 years, AAPD returned -16.55%/yr vs -18.25%/yr for TMF. Their -0.13 correlation means they have often moved in opposite directions in the past. AAPD charges 1.06%/yr vs 1.01%/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 -13.18% return, which is significantly higher than TMF's -14.03% 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%
TMF
- 1D
- 2.20%
- 1M
- -9.26%
- 6M
- -12.77%
- YTD
- -14.03%
- 1Y
- -16.31%
- 3Y*
- -18.25%
- 5Y*
- -34.57%
- 10Y*
- -18.16%
- ALL TIME*
- -6.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $133.85M | $121.65M | $106.46M | |
| $176.74M | $135.76M | $128.72M |
AAPD vs. TMF - 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% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -14.03% | -2.94% | -35.95% | -13.01% | -43.40% |
Correlation
The correlation between AAPD and TMF is -0.15, 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. | -0.15 |
Correlation (3Y) Balances recent behavior with more history. | -0.14 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | -0.13 |
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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 ETF (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.
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 | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -1.31 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 0.92 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | -0.57 | -0.29 |
| Martin ratioReturn relative to average drawdown | -1.38 | -1.14 | -0.24 |
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Drawdowns
AAPD vs. TMF - Drawdown Comparison
The maximum AAPD drawdown since its inception was -63.02%, smaller than the maximum TMF drawdown of -93.10%. 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 | -63.02% | -93.10% | +30.08% |
Max Drawdown (1Y)Largest decline over 1 year | -40.60% | -28.69% | -11.91% |
Max Drawdown (3Y)Largest decline over 3 years | -53.16% | -50.64% | -2.52% |
Max Drawdown (5Y)Largest decline over 5 years | — | -89.14% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.10% | — |
Current DrawdownCurrent decline from peak | -59.53% | -92.88% | +33.35% |
Average DrawdownAverage peak-to-trough decline | -35.21% | -44.09% | +8.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.30% | 14.30% | +11.00% |
Volatility
AAPD vs. TMF - Volatility Comparison
Direxion Daily AAPL Bear 1X Shares (AAPD) has a higher volatility of 10.59% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.86%. This indicates that AAPD's price experiences larger fluctuations and is considered to be riskier 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 | 10.59% | 7.86% | +2.73% |
Volatility (6M)Calculated over the trailing 6-month period | 20.23% | 20.07% | +0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.84% | 27.12% | -1.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.45% | 46.38% | -18.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.45% | 43.70% | -16.25% |
AAPD vs. TMF - Expense Ratio Comparison
AAPD has a 1.06% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
AAPD vs. TMF - Dividend Comparison
AAPD's dividend yield for the trailing twelve months is around 3.52%, less than TMF's 4.59% 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% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.59% | 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 -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAPD has higher volatility (10.59%) compared to TMF (7.86%). In terms of maximum drawdown, AAPD dropped -63.02% vs TMF's -93.10%.
On 3-year performance, AAPD leads with -16.55% vs -18.25% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.86%. 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 -16.55% return vs -18.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.06% for AAPD.
TMF has the higher dividend yield at 4.59%, compared with 3.52% for AAPD.
AAPD is categorized as Inverse Equities, while TMF is Leveraged Bonds. AAPD tracks Apple Inc. (-100%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.06% for AAPD and 1.01% for TMF.
TMF currently has the higher Sharpe Ratio (-0.60 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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