AAPU vs. APLY

Last updated Jun 3, 2026

AAPU (Direxion Daily AAPL Bull 2X Shares) and APLY (YieldMax AAPL Option Income Strategy ETF) are both exchange-traded funds - AAPU is a Leveraged Equities fund tracking the Apple Inc. (150%), while APLY is a Options Trading fund actively managed by YieldMax. AAPU is passively managed, while APLY is actively managed. Over the past 3 years, AAPU returned 27.28%/yr vs 12.10%/yr for APLY. Their correlation of 0.92 suggests significant overlap in exposure. AAPU charges 1.04%/yr vs 0.99%/yr for APLY.

Performance

AAPU vs. APLY - Performance Comparison

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

Returns By Period

In the year-to-date period, AAPU achieves a 27.02% return, which is significantly higher than APLY's 10.44% return.

AAPU

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

APLY

• 1D: 2.35%
• 1M: 9.01%
• YTD: 10.44%
• 6M: 6.60%
• 1Y: 38.48%
• 3Y*: 12.10%
• 5Y*: —
• 10Y*: —

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

AAPU vs. APLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AAPU Direxion Daily AAPL Bull 2X Shares	27.02%	-2.91%	58.45%	18.67%
APLY YieldMax AAPL Option Income Strategy ETF	10.44%	4.69%	18.62%	11.44%

Correlation

The correlation between AAPU and APLY is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (All Time) Calculated using the full available price history since Apr 19, 2023	0.92

The correlation between AAPU and APLY has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

AAPU vs. APLY — 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

APLY

APLY Risk / Return Rank: 61
APLY Sharpe Ratio Rank: 64
APLY Sortino Ratio Rank: 62
APLY Omega Ratio Rank: 65
APLY Calmar Ratio Rank: 65
APLY Martin Ratio Rank: 50

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. APLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AAPL Bull 2X Shares (AAPU) and YieldMax AAPL Option Income Strategy ETF (APLY). 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	APLY	Difference
Sharpe ratio Return per unit of total volatility	2.57	2.15	+0.42
Sortino ratio Return per unit of downside risk	3.19	2.94	+0.24
Omega ratio Gain probability vs. loss probability	1.41	1.40	+0.01
Calmar ratio Return relative to maximum drawdown	4.01	3.31	+0.70
Martin ratio Return relative to average drawdown	9.68	8.45	+1.23
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. APLY - Sharpe Ratio Comparison

The current AAPU Sharpe Ratio is 2.57, which is comparable to the APLY Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of AAPU and APLY, 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	APLY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.57	2.15	+0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.70	-0.22

Drawdowns

AAPU vs. APLY - Drawdown Comparison

The maximum AAPU drawdown since its inception was -58.61%, which is greater than APLY's maximum drawdown of -30.41%. Use the drawdown chart below to compare losses from any high point for AAPU and APLY.

Drawdown Indicators

	AAPU	APLY	Difference
Max Drawdown Largest peak-to-trough decline	-58.61%	-30.41%	-28.20%
Max Drawdown (1Y) Largest decline over 1 year	-28.90%	-11.76%	-17.14%
Max Drawdown (3Y) Largest decline over 3 years	-58.61%	-30.41%	-28.20%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-17.71%	-6.94%	-10.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.98%	4.60%	+7.38%

Volatility

AAPU vs. APLY - Volatility Comparison

Direxion Daily AAPL Bull 2X Shares (AAPU) has a higher volatility of 10.46% compared to YieldMax AAPL Option Income Strategy ETF (APLY) at 4.13%. This indicates that AAPU's price experiences larger fluctuations and is considered to be riskier than APLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPU	APLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.46%	4.13%	+6.33%
Volatility (6M) Calculated over the trailing 6-month period	31.77%	13.03%	+18.74%
Volatility (1Y) Calculated over the trailing 1-year period	44.54%	17.96%	+26.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.93%	20.97%	+27.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.93%	20.97%	+27.96%

AAPU vs. APLY - Expense Ratio Comparison

AAPU has a 1.04% expense ratio, which is higher than APLY's 0.99% expense ratio.

Dividends

AAPU vs. APLY - Dividend Comparison

AAPU's dividend yield for the trailing twelve months is around 6.69%, less than APLY's 34.43% yield.

Position	TTM	2025	2024	2023	2022
AAPU Direxion Daily AAPL Bull 2X Shares	6.69%	8.66%	14.58%	2.32%	0.79%
APLY YieldMax AAPL Option Income Strategy ETF	34.43%	36.38%	24.95%	14.36%	0.00%

Frequently Asked Questions

Can I hold both AAPU and APLY in my portfolio?

With a correlation of 0.94, AAPU and APLY 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 APLY?

AAPU has higher volatility (10.46%) compared to APLY (4.13%). In terms of maximum drawdown, AAPU dropped -58.61% vs APLY's -30.41%.

Which ETF is better, AAPU or APLY?

On 3-year performance, AAPU leads with 27.28% vs 12.10% for APLY. On fees, APLY is cheaper at 0.99% per year. On volatility, APLY has been the lower-risk option at 4.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPU or APLY?

Over the 3-year period, AAPU has performed better with a 27.28% return vs 12.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPU or APLY?

APLY is cheaper with a 0.99% expense ratio, compared with 1.04% for AAPU.

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

APLY has the higher dividend yield at 34.43%, compared with 6.69% for AAPU.

What is the main difference between AAPU and APLY?

AAPU is categorized as Leveraged Equities, while APLY is Options Trading. They also come from different issuers: Direxion and YieldMax. Their fees differ too: 1.04% for AAPU and 0.99% for APLY.

Which has better risk-adjusted returns?

AAPU currently has the higher Sharpe Ratio (2.57 vs 2.15), 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.