AAPU vs. AAPX

Last updated Jun 24, 2026

AAPU (Direxion Daily AAPL Bull 2X Shares) and AAPX (T-Rex 2X Long Apple Daily Target ETF) are both Leveraged Equities funds. AAPU is passively managed, while AAPX is actively managed. Over the past year, AAPU returned 85.62% vs 81.26% for AAPX. With a 0.99 correlation, they move nearly in lockstep. AAPU charges 1.04%/yr vs 1.05%/yr for AAPX.

Performance

AAPU vs. AAPX - Performance Comparison

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

Returns By Period

In the year-to-date period, AAPU achieves a 9.14% return, which is significantly higher than AAPX's 8.46% return.

AAPU

• 1D: -2.33%
• 1M: -10.69%
• YTD: 9.14%
• 6M: 8.52%
• 1Y: 85.62%
• 3Y*: 19.25%
• 5Y*: —
• 10Y*: —

AAPX

• 1D: -1.73%
• 1M: -10.36%
• YTD: 8.46%
• 6M: 7.98%
• 1Y: 81.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAPU vs. AAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAPU Direxion Daily AAPL Bull 2X Shares	9.14%	-2.91%	67.36%
AAPX T-Rex 2X Long Apple Daily Target ETF	8.46%	-4.95%	58.57%

Correlation

The correlation between AAPU and AAPX is 0.99 - 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	0.99
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.99

The correlation between AAPU and AAPX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

AAPU vs. AAPX - Sectors Allocation Comparison

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

Return for Risk

AAPU vs. AAPX — Risk / Return Rank

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

AAPU

AAPU Risk / Return Rank: 56
AAPU Sharpe Ratio Rank: 60
AAPU Sortino Ratio Rank: 56
AAPU Omega Ratio Rank: 55
AAPU Calmar Ratio Rank: 63
AAPU Martin Ratio Rank: 44

AAPX

AAPX Risk / Return Rank: 52
AAPX Sharpe Ratio Rank: 56
AAPX Sortino Ratio Rank: 54
AAPX Omega Ratio Rank: 52
AAPX Calmar Ratio Rank: 58
AAPX Martin Ratio Rank: 42

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. AAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AAPL Bull 2X Shares (AAPU) and T-Rex 2X Long Apple Daily Target ETF (AAPX). 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	AAPX	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.79	+0.11
Sortino ratio: Return per unit of downside risk	2.56	2.45	+0.11
Omega ratio: Gain probability vs. loss probability	1.33	1.31	+0.01
Calmar ratio: Return relative to maximum drawdown	2.98	2.71	+0.27
Martin ratio: Return relative to average drawdown	7.03	6.32	+0.71

AAPU vs. AAPX - Sharpe Ratio Comparison

The current AAPU Sharpe Ratio is 1.91, which is comparable to the AAPX Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of AAPU and AAPX, 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

AAPU vs. AAPX - Drawdown Comparison

The maximum AAPU drawdown since its inception was -58.61%, roughly equal to the maximum AAPX drawdown of -58.55%. Use the drawdown chart below to compare losses from any high point for AAPU and AAPX.

Drawdown Indicators

	AAPU	AAPX	Difference
Max Drawdown Largest peak-to-trough decline	-58.61%	-58.55%	-0.06%
Max Drawdown (1Y) Largest decline over 1 year	-28.90%	-30.12%	+1.22%
Max Drawdown (3Y) Largest decline over 3 years	-58.61%	—	—
Current Drawdown Current decline from peak	-14.08%	-13.68%	-0.40%
Average Drawdown Average peak-to-trough decline	-17.59%	-19.16%	+1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.22%	12.90%	-0.68%

Volatility

AAPU vs. AAPX - Volatility Comparison

Direxion Daily AAPL Bull 2X Shares (AAPU) and T-Rex 2X Long Apple Daily Target ETF (AAPX) have volatilities of 14.03% and 14.33%, 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	AAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.03%	14.33%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	33.29%	33.57%	-0.28%
Volatility (1Y) Calculated over the trailing 1-year period	45.19%	45.54%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.91%	54.49%	-5.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.91%	54.49%	-5.58%

AAPU vs. AAPX - Expense Ratio Comparison

AAPU has a 1.04% expense ratio, which is lower than AAPX's 1.05% expense ratio.

Dividends

AAPU vs. AAPX - Dividend Comparison

AAPU's dividend yield for the trailing twelve months is around 7.79%, more than AAPX's 0.61% yield.

Position	TTM	2025	2024	2023	2022
AAPU Direxion Daily AAPL Bull 2X Shares	7.79%	8.66%	14.58%	2.32%	0.79%
AAPX T-Rex 2X Long Apple Daily Target ETF	0.61%	0.67%	21.46%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AAPU and AAPX in my portfolio?

With a correlation of 0.99, AAPU and AAPX 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 AAPX?

AAPX has higher volatility (14.33%) compared to AAPU (14.03%). In terms of maximum drawdown, AAPU dropped -58.61% vs AAPX's -58.55%.

Which ETF is better, AAPU or AAPX?

On 1-year performance, AAPU leads with 85.62% vs 81.26% for AAPX. On fees, AAPU is cheaper at 1.04% per year. On volatility, AAPU has been the lower-risk option at 14.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPU or AAPX?

Over the 1-year period, AAPU has performed better with a 85.62% return vs 81.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPU or AAPX?

AAPU is cheaper with a 1.04% expense ratio, compared with 1.05% for AAPX.

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

AAPU has the higher dividend yield at 7.79%, compared with 0.61% for AAPX.

What is the main difference between AAPU and AAPX?

They also come from different issuers: Direxion and T-Rex. Their fees differ too: 1.04% for AAPU and 1.05% for AAPX.

Which has better risk-adjusted returns?

AAPU currently has the higher Sharpe Ratio (1.91 vs 1.79), 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.