AAPU vs. QLD

Last updated Jun 4, 2026

AAPU (Direxion Daily AAPL Bull 2X Shares) and QLD (ProShares Ultra QQQ) are both Leveraged Equities funds - AAPU tracks the Apple Inc. (150%) while QLD tracks the NASDAQ-100 Index (200%). Both are passively managed. Over the past 3 years, AAPU returned 25.97%/yr vs 50.15%/yr for QLD. A 0.63 correlation means they provide meaningful diversification when combined. AAPU charges 1.04%/yr vs 0.95%/yr for QLD.

Performance

AAPU vs. QLD - Performance Comparison

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

Returns By Period

In the year-to-date period, AAPU achieves a 23.16% return, which is significantly lower than QLD's 42.06% return.

AAPU

• 1D: -3.04%
• 1M: 24.81%
• YTD: 23.16%
• 6M: 11.93%
• 1Y: 104.11%
• 3Y*: 25.97%
• 5Y*: —
• 10Y*: —

QLD

• 1D: -0.53%
• 1M: 21.54%
• YTD: 42.06%
• 6M: 37.45%
• 1Y: 85.49%
• 3Y*: 50.15%
• 5Y*: 25.75%
• 10Y*: 36.10%

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

AAPU vs. QLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AAPU Direxion Daily AAPL Bull 2X Shares	23.16%	-2.91%	58.45%	68.66%	-32.82%
QLD ProShares Ultra QQQ	42.06%	30.36%	42.82%	117.72%	-32.98%

Correlation

The correlation between AAPU and QLD is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022	0.63

The correlation between AAPU and QLD shifts across timeframes, from 0.48 (1 year) to 0.63 (all time), reflecting how their relationship changes across market environments.

AAPU vs. QLD - Sectors Allocation Comparison

Sectors	AAPU	QLD
Technology	100.0%	53.8%
Basic Materials	-	1.1%
Communication Services	-	15.8%
Consumer Cyclical	-	12.3%
Consumer Defensive	-	7.7%
Energy	-	0.6%
Financial Services	-	0.2%
Healthcare	-	4.2%
Industrials	-	2.8%
Real Estate	-	0.1%
Utilities	-	1.4%

Return for Risk

AAPU vs. QLD — Risk / Return Rank

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

AAPU

AAPU Risk / Return Rank: 63
AAPU Sharpe Ratio Rank: 70
AAPU Sortino Ratio Rank: 63
AAPU Omega Ratio Rank: 61
AAPU Calmar Ratio Rank: 71
AAPU Martin Ratio Rank: 51

QLD

QLD Risk / Return Rank: 69
QLD Sharpe Ratio Rank: 81
QLD Sortino Ratio Rank: 67
QLD Omega Ratio Rank: 67
QLD Calmar Ratio Rank: 67
QLD Martin Ratio Rank: 64

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. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AAPL Bull 2X Shares (AAPU) and ProShares Ultra QQQ (QLD). 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	QLD	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.70	-0.36
Sortino ratio: Return per unit of downside risk	3.00	3.16	-0.16
Omega ratio: Gain probability vs. loss probability	1.38	1.41	-0.03
Calmar ratio: Return relative to maximum drawdown	3.62	3.42	+0.20
Martin ratio: Return relative to average drawdown	8.72	11.92	-3.19
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. QLD - Sharpe Ratio Comparison

The current AAPU Sharpe Ratio is 2.34, which is comparable to the QLD Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of AAPU and QLD, 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	QLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	2.70	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.58	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.81	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.60	-0.14

Drawdowns

AAPU vs. QLD - Drawdown Comparison

The maximum AAPU drawdown since its inception was -58.61%, smaller than the maximum QLD drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for AAPU and QLD.

Drawdown Indicators

	AAPU	QLD	Difference
Max Drawdown Largest peak-to-trough decline	-58.61%	-83.13%	+24.52%
Max Drawdown (1Y) Largest decline over 1 year	-28.90%	-25.13%	-3.77%
Max Drawdown (3Y) Largest decline over 3 years	-58.61%	-42.29%	-16.32%
Max Drawdown (5Y) Largest decline over 5 years	—	-63.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-63.68%	—
Current Drawdown Current decline from peak	-3.04%	-0.53%	-2.51%
Average Drawdown Average peak-to-trough decline	-17.69%	-18.17%	+0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.98%	7.20%	+4.78%

Volatility

AAPU vs. QLD - Volatility Comparison

Direxion Daily AAPL Bull 2X Shares (AAPU) has a higher volatility of 10.71% compared to ProShares Ultra QQQ (QLD) at 8.90%. This indicates that AAPU's price experiences larger fluctuations and is considered to be riskier than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPU	QLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.71%	8.90%	+1.81%
Volatility (6M) Calculated over the trailing 6-month period	31.79%	24.08%	+7.71%
Volatility (1Y) Calculated over the trailing 1-year period	44.66%	31.85%	+12.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.93%	44.74%	+4.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.93%	44.56%	+4.37%

AAPU vs. QLD - Expense Ratio Comparison

AAPU has a 1.04% expense ratio, which is higher than QLD's 0.95% expense ratio.

Dividends

AAPU vs. QLD - Dividend Comparison

AAPU's dividend yield for the trailing twelve months is around 6.90%, more than QLD's 0.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAPU Direxion Daily AAPL Bull 2X Shares	6.90%	8.66%	14.58%	2.32%	0.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QLD ProShares Ultra QQQ	0.12%	0.17%	0.25%	0.33%	0.31%	0.00%	0.00%	0.13%	0.06%	0.02%	0.21%	0.11%

Frequently Asked Questions

Can I hold both AAPU and QLD in my portfolio?

AAPU and QLD have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAPU or QLD?

AAPU has higher volatility (10.71%) compared to QLD (8.90%). In terms of maximum drawdown, AAPU dropped -58.61% vs QLD's -83.13%.

Which ETF is better, AAPU or QLD?

On 3-year performance, QLD leads with 50.15% vs 25.97% for AAPU. On fees, QLD is cheaper at 0.95% per year. On volatility, QLD has been the lower-risk option at 8.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPU or QLD?

Over the 3-year period, QLD has performed better with a 50.15% return vs 25.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPU or QLD?

QLD is cheaper with a 0.95% expense ratio, compared with 1.04% for AAPU.

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

AAPU has the higher dividend yield at 6.90%, compared with 0.12% for QLD.

What is the main difference between AAPU and QLD?

AAPU tracks Apple Inc. (150%), while QLD tracks NASDAQ-100 Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.04% for AAPU and 0.95% for QLD.

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (2.70 vs 2.34), 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.