AAPD vs. TSLL

Last updated Jul 16, 2026

AAPD (Direxion Daily AAPL Bear 1X Shares) and TSLL (Direxion Daily TSLA Bull 2X ETF) are both exchange-traded funds - AAPD is a Inverse Equities fund tracking the Apple Inc. (-100%), while TSLL is a Leveraged Equities fund actively managed by Direxion. AAPD is passively managed, while TSLL is actively managed. Over the past 3 years, AAPD returned -16.68%/yr vs -9.84%/yr for TSLL. At a correlation of -0.40, they often move in opposite directions. AAPD charges 1.06%/yr vs 0.83%/yr for TSLL.

Performance

AAPD vs. TSLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AAPL Bear 1X Shares (AAPD) and Direxion Daily TSLA Bull 2X ETF (TSLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPD achieves a -17.58% return, which is significantly higher than TSLL's -35.05% return.

AAPD

• 1D: -4.05%
• 1M: -10.04%
• 6M: -21.30%
• YTD: -17.58%
• 1Y: -36.20%
• 3Y*: -16.68%
• 5Y*: —
• 10Y*: —

TSLL

• 1D: -1.05%
• 1M: -11.33%
• 6M: -31.32%
• YTD: -35.05%
• 1Y: 16.60%
• 3Y*: -9.84%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAPD vs. TSLL - 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%
TSLL Direxion Daily TSLA Bull 2X ETF	-35.05%	-26.80%	99.63%	139.86%	-74.99%

Correlation

The correlation between AAPD and TSLL is -0.29, 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	-0.30
Correlation (3Y) Calculated over the trailing 3-year period	-0.37
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	-0.40

The correlation between AAPD and TSLL shifts across timeframes, from -0.40 (all time) to -0.29 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

AAPD vs. TSLL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAPD

AAPD Risk / Return Rank: 0
AAPD Sharpe Ratio Rank: 0
AAPD Sortino Ratio Rank: 0
AAPD Omega Ratio Rank: 0
AAPD Calmar Ratio Rank: 1
AAPD Martin Ratio Rank: 1

TSLL

TSLL Risk / Return Rank: 15
TSLL Sharpe Ratio Rank: 12
TSLL Sortino Ratio Rank: 20
TSLL Omega Ratio Rank: 19
TSLL Calmar Ratio Rank: 13
TSLL Martin Ratio Rank: 12

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AAPD vs. TSLL - 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 TSLA Bull 2X ETF (TSLL). 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	TSLL	Difference
Sharpe ratio: Return per unit of total volatility	-1.50	0.19	-1.68
Sortino ratio: Return per unit of downside risk	-2.22	0.90	-3.12
Omega ratio: Gain probability vs. loss probability	0.73	1.10	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.95	0.30	-1.25
Martin ratio: Return relative to average drawdown	-1.53	0.58	-2.10

AAPD vs. TSLL - Sharpe Ratio Comparison

The current AAPD Sharpe Ratio is -1.50, which is lower than the TSLL Sharpe Ratio of 0.19. The chart below compares the historical Sharpe Ratios of AAPD and TSLL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AAPD vs. TSLL - Drawdown Comparison

The maximum AAPD drawdown since its inception was -61.58%, smaller than the maximum TSLL drawdown of -82.88%. Use the drawdown chart below to compare losses from any high point for AAPD and TSLL.

Drawdown Indicators

	AAPD	TSLL	Difference
Max Drawdown Largest peak-to-trough decline	-61.58%	-82.88%	+21.30%
Max Drawdown (1Y) Largest decline over 1 year	-38.39%	-54.75%	+16.36%
Max Drawdown (3Y) Largest decline over 3 years	-51.33%	-82.88%	+31.55%
Current Drawdown Current decline from peak	-61.58%	-67.20%	+5.62%
Average Drawdown Average peak-to-trough decline	-34.84%	-54.10%	+19.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.76%	28.80%	-5.04%

Volatility

AAPD vs. TSLL - Volatility Comparison

The current volatility for Direxion Daily AAPL Bear 1X Shares (AAPD) is 10.01%, while Direxion Daily TSLA Bull 2X ETF (TSLL) has a volatility of 33.65%. This indicates that AAPD experiences smaller price fluctuations and is considered to be less risky than TSLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPD	TSLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.01%	33.65%	-23.64%
Volatility (6M) Calculated over the trailing 6-month period	19.04%	62.27%	-43.23%
Volatility (1Y) Calculated over the trailing 1-year period	24.25%	89.20%	-64.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.22%	107.16%	-79.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.22%	107.16%	-79.94%

AAPD vs. TSLL - Expense Ratio Comparison

AAPD has a 1.06% expense ratio, which is higher than TSLL's 0.83% expense ratio.

Dividends

AAPD vs. TSLL - Dividend Comparison

AAPD's dividend yield for the trailing twelve months is around 3.71%, less than TSLL's 8.06% yield.

Position	TTM	2025	2024	2023	2022
AAPD Direxion Daily AAPL Bear 1X Shares	3.71%	3.60%	4.55%	4.37%	0.53%
TSLL Direxion Daily TSLA Bull 2X ETF	8.06%	5.00%	2.47%	4.44%	1.57%

Frequently Asked Questions

Can I hold both AAPD and TSLL in my portfolio?

AAPD and TSLL have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAPD or TSLL?

TSLL has higher volatility (33.65%) compared to AAPD (10.01%). In terms of maximum drawdown, AAPD dropped -61.58% vs TSLL's -82.88%.

Which ETF is better, AAPD or TSLL?

On 3-year performance, TSLL leads with -9.84% vs -16.68% for AAPD. On fees, TSLL is cheaper at 0.83% 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.

Which ETF has performed better, AAPD or TSLL?

Over the 3-year period, TSLL has performed better with a -9.84% return vs -16.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPD or TSLL?

TSLL is cheaper with a 0.83% expense ratio, compared with 1.06% for AAPD.

Which ETF pays a higher dividend yield, AAPD or TSLL?

TSLL has the higher dividend yield at 8.06%, compared with 3.71% for AAPD.

What is the main difference between AAPD and TSLL?

AAPD is categorized as Inverse Equities, while TSLL is Leveraged Equities. Their fees differ too: 1.06% for AAPD and 0.83% for TSLL.

Which has better risk-adjusted returns?

TSLL currently has the higher Sharpe Ratio (0.19 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.