AAPU vs. AAPD
AAPU (Direxion Daily AAPL Bull 2X Shares) and AAPD (Direxion Daily AAPL Bear 1X Shares) are both exchange-traded funds - AAPU is a Leveraged Equities fund tracking the Apple Inc. (200%), while AAPD is a Inverse Equities fund tracking the Apple Inc. (-100%). Both are passively managed. Over the past 3 years, AAPU returned 19.73%/yr vs -14.50%/yr for AAPD. Their -0.99 correlation means they have often moved in opposite directions in the past. AAPU charges 0.96%/yr vs 1.06%/yr for AAPD.
Performance
AAPU vs. AAPD - Performance Comparison
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Returns By Period
In the year-to-date period, AAPU achieves a 17.61% return, which is significantly higher than AAPD's -13.02% return.
AAPU
- 1D
- -14.86%
- 1M
- -1.17%
- 6M
- 30.99%
- YTD
- 17.61%
- 1Y
- 101.24%
- 3Y*
- 19.73%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 19.96%
AAPD
- 1D
- 7.44%
- 1M
- -0.88%
- 6M
- -17.25%
- YTD
- -13.02%
- 1Y
- -34.98%
- 3Y*
- -14.50%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -15.73%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $137.51M | $120.86M | $103.92M | |
| $87.91M | $80.86M | $75.86M |
AAPU vs. AAPD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
AAPU Direxion Daily AAPL Bull 2X Shares | 17.61% | -2.91% | 58.45% | 68.66% | -32.44% |
AAPD Direxion Daily AAPL Bear 1X Shares | -13.02% | -11.41% | -21.45% | -30.42% | 20.24% |
Correlation
The correlation between AAPU and AAPD is -1.00, 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. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | -0.99 |
The correlation between AAPU and AAPD has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
AAPU vs. AAPD — Risk / Return Rank
AAPU
AAPD
AAPU vs. AAPD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AAPL Bull 2X Shares (AAPU) and Direxion Daily AAPL Bear 1X Shares (AAPD). 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.
| AAPU | AAPD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.05 | ||
| Sortino ratioReturn per unit of downside risk | +4.21 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 0.77 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 3.14 | -0.82 | +3.97 |
| Martin ratioReturn relative to average drawdown | 7.22 | -1.32 | +8.54 |
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Drawdowns
AAPU vs. AAPD - Drawdown Comparison
The maximum AAPU drawdown since its inception was -58.61%, smaller than the maximum AAPD drawdown of -63.02%. Use the drawdown chart below to compare losses from any high point for AAPU and AAPD.
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Drawdown Indicators
| AAPU | AAPD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.61% | -63.02% | +4.41% |
Max Drawdown (1Y)Largest decline over 1 year | -28.90% | -40.70% | +11.80% |
Max Drawdown (3Y)Largest decline over 3 years | -58.61% | -53.16% | -5.45% |
Current DrawdownCurrent decline from peak | -18.21% | -59.46% | +41.25% |
Average DrawdownAverage peak-to-trough decline | -17.29% | -35.16% | +17.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.58% | 25.23% | -12.65% |
Volatility
AAPU vs. AAPD - Volatility Comparison
Direxion Daily AAPL Bull 2X Shares (AAPU) has a higher volatility of 23.35% compared to Direxion Daily AAPL Bear 1X Shares (AAPD) at 11.34%. This indicates that AAPU's price experiences larger fluctuations and is considered to be riskier than AAPD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAPU | AAPD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.35% | 11.34% | +12.01% |
Volatility (6M)Calculated over the trailing 6-month period | 41.56% | 20.49% | +21.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.73% | 25.86% | +25.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.08% | 27.44% | +22.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.08% | 27.44% | +22.64% |
AAPU vs. AAPD - Expense Ratio Comparison
AAPU has a 0.96% expense ratio, which is lower than AAPD's 1.06% expense ratio.
Dividends
AAPU vs. AAPD - Dividend Comparison
AAPU's dividend yield for the trailing twelve months is around 7.61%, more than AAPD's 3.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
AAPD Direxion Daily AAPL Bear 1X Shares | 3.52% | 3.60% | 4.55% | 4.37% | 0.53% |
AAPU Direxion Daily AAPL Bull 2X Shares | 7.61% | 8.66% | 14.58% | 2.32% | 0.79% |
Frequently Asked Questions
AAPU and AAPD have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAPU has higher volatility (23.35%) compared to AAPD (11.34%). In terms of maximum drawdown, AAPU dropped -58.61% vs AAPD's -63.02%.
On 3-year performance, AAPU leads with 19.73% vs -14.50% for AAPD. On fees, AAPU is cheaper at 0.96% per year. On volatility, AAPD has been the lower-risk option at 11.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, AAPU has performed better with a 19.73% return vs -14.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AAPU is cheaper with a 0.96% expense ratio, compared with 1.06% for AAPD.
AAPU has the higher dividend yield at 7.61%, compared with 3.52% for AAPD.
AAPU is categorized as Leveraged Equities, while AAPD is Inverse Equities. AAPU tracks Apple Inc. (200%), while AAPD tracks Apple Inc. (-100%). Their fees differ too: 0.96% for AAPU and 1.06% for AAPD.
AAPU currently has the higher Sharpe Ratio (1.76 vs -1.30), 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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