AAPI.L vs. MSTI.L

Last updated Jun 5, 2026

AAPI.L (IncomeShares Apple (AAPL) Options ETP GBP) and MSTI.L (IncomeShares Microstrategy (MSTR) Options ETP) are both Derivative Income funds from Leverage Shares. Both are actively managed. At a 0.11 correlation, their price movements are largely independent. Both charge a 0.55% expense ratio.

Performance

AAPI.L vs. MSTI.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in IncomeShares Apple (AAPL) Options ETP GBP (AAPI.L) and IncomeShares Microstrategy (MSTR) Options ETP (MSTI.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

AAPI.L is traded in GBp, while MSTI.L is traded in USD. To make them comparable, the MSTI.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, AAPI.L achieves a 4.07% return, which is significantly higher than MSTI.L's -54.92% return.

AAPI.L

• 1D: -0.34%
• 1M: 9.04%
• YTD: 4.07%
• 6M: 1.51%
• 1Y: 19.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTI.L

• 1D: -3.56%
• 1M: -35.57%
• YTD: -54.92%
• 6M: -60.84%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAPI.L vs. MSTI.L - Yearly Performance Comparison

	2026 (YTD)	2025
AAPI.L IncomeShares Apple (AAPL) Options ETP GBP	4.07%	17.84%
MSTI.L IncomeShares Microstrategy (MSTR) Options ETP	-54.94%	-60.65%

Correlation

The correlation between AAPI.L and MSTI.L is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.11

Return for Risk

AAPI.L vs. MSTI.L — Risk / Return Rank

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

AAPI.L

AAPI.L Risk / Return Rank: 25
AAPI.L Sharpe Ratio Rank: 28
AAPI.L Sortino Ratio Rank: 26
AAPI.L Omega Ratio Rank: 28
AAPI.L Calmar Ratio Rank: 23
AAPI.L Martin Ratio Rank: 20

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.

AAPI.L vs. MSTI.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IncomeShares Apple (AAPL) Options ETP GBP (AAPI.L) and IncomeShares Microstrategy (MSTR) Options ETP (MSTI.L). 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.

	AAPI.L	MSTI.L	Difference
Sharpe ratio: Return per unit of total volatility	0.98	—	—
Sortino ratio: Return per unit of downside risk	1.39	—	—
Omega ratio: Gain probability vs. loss probability	1.19	—	—
Calmar ratio: Return relative to maximum drawdown	1.03	—	—
Martin ratio: Return relative to average drawdown	2.36	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	AAPI.L	MSTI.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	-1.35	+1.57

Drawdowns

AAPI.L vs. MSTI.L - Drawdown Comparison

The maximum AAPI.L drawdown since its inception was -31.31%, smaller than the maximum MSTI.L drawdown of -85.28%. Use the drawdown chart below to compare losses from any high point for AAPI.L and MSTI.L.

Drawdown Indicators

	AAPI.L	MSTI.L	Difference
Max Drawdown Largest peak-to-trough decline	-31.31%	-85.28%	+53.97%
Max Drawdown (1Y) Largest decline over 1 year	-18.90%	—	—
Current Drawdown Current decline from peak	-10.13%	-85.28%	+75.15%
Average Drawdown Average peak-to-trough decline	-14.68%	-52.73%	+38.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.29%	—	—

Volatility

Volatility by Period

	AAPI.L	MSTI.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.01%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.85%	62.57%	-42.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.79%	62.57%	-38.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.79%	62.57%	-38.78%

AAPI.L vs. MSTI.L - Expense Ratio Comparison

Both AAPI.L and MSTI.L have an expense ratio of 0.55%.

Dividends

AAPI.L vs. MSTI.L - Dividend Comparison

AAPI.L's dividend yield for the trailing twelve months is around 11.05%, more than MSTI.L's 1.50% yield.

Position	TTM	2025	2024
AAPI.L IncomeShares Apple (AAPL) Options ETP GBP	11.05%	11.04%	1.04%
MSTI.L IncomeShares Microstrategy (MSTR) Options ETP	1.50%	0.16%	0.00%

Frequently Asked Questions

Can I hold both AAPI.L and MSTI.L in my portfolio?

AAPI.L and MSTI.L have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AAPI.L or MSTI.L?

Both ETFs have the same 0.55% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AAPI.L or MSTI.L?

AAPI.L and MSTI.L have the same expense ratio: 0.55% per year.