AAPU vs. AAPB

Last updated Jun 3, 2026

AAPU (Direxion Daily AAPL Bull 2X Shares) and AAPB (GraniteShares 2x Long AAPL Daily ETF) are both Leveraged Equities funds. AAPU is passively managed, while AAPB is actively managed. Over the past 3 years, AAPU returned 27.28%/yr vs 24.62%/yr for AAPB. With a 1.00 correlation, they move nearly in lockstep. AAPU charges 1.04%/yr vs 1.15%/yr for AAPB.

Performance

AAPU vs. AAPB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AAPL Bull 2X Shares (AAPU) and GraniteShares 2x Long AAPL Daily ETF (AAPB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with AAPU having a 27.02% return and AAPB slightly higher at 27.93%.

AAPU

• 1D: 5.79%
• 1M: 25.64%
• YTD: 27.02%
• 6M: 13.60%
• 1Y: 113.74%
• 3Y*: 27.28%
• 5Y*: —
• 10Y*: —

AAPB

• 1D: 6.02%
• 1M: 25.71%
• YTD: 27.93%
• 6M: 14.96%
• 1Y: 117.03%
• 3Y*: 24.62%
• 5Y*: —
• 10Y*: —

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

AAPU vs. AAPB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AAPU Direxion Daily AAPL Bull 2X Shares	27.02%	-2.91%	58.45%	68.66%	-32.82%
AAPB GraniteShares 2x Long AAPL Daily ETF	27.93%	-0.93%	47.02%	77.21%	-38.44%

Correlation

The correlation between AAPU and AAPB is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022	1.00

The correlation between AAPU and AAPB has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

AAPU vs. AAPB - Sectors Allocation Comparison

Sectors	AAPU	AAPB
Technology	100.0%	66.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

AAPU vs. AAPB — Risk / Return Rank

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

AAPU

AAPU Risk / Return Rank: 69
AAPU Sharpe Ratio Rank: 78
AAPU Sortino Ratio Rank: 69
AAPU Omega Ratio Rank: 67
AAPU Calmar Ratio Rank: 78
AAPU Martin Ratio Rank: 55

AAPB

AAPB Risk / Return Rank: 71
AAPB Sharpe Ratio Rank: 80
AAPB Sortino Ratio Rank: 70
AAPB Omega Ratio Rank: 68
AAPB Calmar Ratio Rank: 81
AAPB Martin Ratio Rank: 58

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.

AAPU vs. AAPB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AAPL Bull 2X Shares (AAPU) and GraniteShares 2x Long AAPL Daily ETF (AAPB). 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.

	AAPU	AAPB	Difference
Sharpe ratio Return per unit of total volatility	2.57	2.63	-0.07
Sortino ratio Return per unit of downside risk	3.19	3.22	-0.04
Omega ratio Gain probability vs. loss probability	1.41	1.42	-0.01
Calmar ratio Return relative to maximum drawdown	4.01	4.25	-0.23
Martin ratio Return relative to average drawdown	9.68	10.25	-0.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAPU vs. AAPB - Sharpe Ratio Comparison

The current AAPU Sharpe Ratio is 2.57, which is comparable to the AAPB Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of AAPU and AAPB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AAPU	AAPB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.57	2.63	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.40	+0.08

Drawdowns

AAPU vs. AAPB - Drawdown Comparison

The maximum AAPU drawdown since its inception was -58.61%, roughly equal to the maximum AAPB drawdown of -58.13%. Use the drawdown chart below to compare losses from any high point for AAPU and AAPB.

Drawdown Indicators

	AAPU	AAPB	Difference
Max Drawdown Largest peak-to-trough decline	-58.61%	-58.13%	-0.48%
Max Drawdown (1Y) Largest decline over 1 year	-28.90%	-28.11%	-0.79%
Max Drawdown (3Y) Largest decline over 3 years	-58.61%	-58.13%	-0.48%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-17.71%	-19.38%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.98%	11.64%	+0.34%

Volatility

AAPU vs. AAPB - Volatility Comparison

Direxion Daily AAPL Bull 2X Shares (AAPU) and GraniteShares 2x Long AAPL Daily ETF (AAPB) have volatilities of 10.46% and 10.92%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPU	AAPB	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.46%	10.92%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	31.77%	31.89%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	44.54%	44.68%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.93%	51.32%	-2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.93%	51.32%	-2.39%

AAPU vs. AAPB - Expense Ratio Comparison

AAPU has a 1.04% expense ratio, which is lower than AAPB's 1.15% expense ratio.

Dividends

AAPU vs. AAPB - Dividend Comparison

AAPU's dividend yield for the trailing twelve months is around 6.69%, more than AAPB's 3.44% yield.

Position	TTM	2025	2024	2023	2022
AAPB GraniteShares 2x Long AAPL Daily ETF	3.44%	4.39%	0.00%	18.75%	0.00%
AAPU Direxion Daily AAPL Bull 2X Shares	6.69%	8.66%	14.58%	2.32%	0.79%

Frequently Asked Questions

Can I hold both AAPU and AAPB in my portfolio?

With a correlation of 1.00, AAPU and AAPB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AAPU or AAPB?

AAPB has higher volatility (10.92%) compared to AAPU (10.46%). In terms of maximum drawdown, AAPU dropped -58.61% vs AAPB's -58.13%.

Which ETF is better, AAPU or AAPB?

On 3-year performance, AAPU leads with 27.28% vs 24.62% for AAPB. On fees, AAPU is cheaper at 1.04% per year. On volatility, AAPU has been the lower-risk option at 10.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPU or AAPB?

Over the 3-year period, AAPU has performed better with a 27.28% return vs 24.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPU or AAPB?

AAPU is cheaper with a 1.04% expense ratio, compared with 1.15% for AAPB.

Which ETF pays a higher dividend yield, AAPU or AAPB?

AAPU has the higher dividend yield at 6.69%, compared with 3.44% for AAPB.

What is the main difference between AAPU and AAPB?

They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 1.04% for AAPU and 1.15% for AAPB.

Which has better risk-adjusted returns?

AAPB currently has the higher Sharpe Ratio (2.63 vs 2.57), 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.