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AAPU vs. SPXL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AAPU vs. SPXL

Last updated Aug 4, 2026
Documentation

AAPU (Direxion Daily AAPL Bull 2X Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion - AAPU tracks the Apple Inc. (200%) while SPXL tracks the S&P 500. Both are passively managed. Over the past 3 years, AAPU returned 22.71%/yr vs 46.76%/yr for SPXL. Their 0.60 correlation means they have sometimes moved together and sometimes differently. AAPU charges 0.96%/yr vs 0.84%/yr for SPXL.

Performance

AAPU vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AAPL Bull 2X Shares (AAPU) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, AAPU achieves a 13.33% return, which is significantly lower than SPXL's 27.32% return.

AAPU

1D
-3.64%
1M
-4.76%
6M
16.42%
YTD
13.33%
1Y
93.91%
3Y*
22.71%
5Y*
—
10Y*
—
ALL TIME*
18.81%

SPXL

1D
4.28%
1M
4.04%
6M
21.44%
YTD
27.32%
1Y
61.16%
3Y*
46.76%
5Y*
20.51%
10Y*
28.68%
ALL TIME*
27.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

AAPU

Direxion Daily AAPL Bull 2X Shares
$95.46M$84.08M$76.55M

SPXL

Direxion Daily S&P 500 Bull 3X ETF
$489.09M$455.54M$538.26M

AAPU vs. SPXL - Yearly Performance Comparison

2026 (YTD)2025202420232022
AAPU
Direxion Daily AAPL Bull 2X Shares		13.33%-2.91%58.45%68.66%-32.44%
SPXL
Direxion Daily S&P 500 Bull 3X ETF		27.32%31.94%63.61%69.49%-26.67%

Correlation

The correlation between AAPU and SPXL is 0.42, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.42

Correlation (3Y)
Balances recent behavior with more history.

0.52

Correlation (All Time)
Calculated using the full available price history since Aug 9, 2022

0.60

The correlation between AAPU and SPXL shifts across timeframes, from 0.42 (1 year) to 0.60 (all time), reflecting how their relationship changes across market environments.

AAPU vs. SPXL - Sectors Allocation Comparison

Sectors
AAPU
SPXL

Technology

100.0%
9.0%

Basic Materials

-

0.4%

Communication Services

-

2.2%

Consumer Cyclical

-

2.1%

Consumer Defensive

-

1.1%

Energy

-

0.8%

Financial Services

-

2.9%

Healthcare

-

2.1%

Industrials

-

1.8%

Real Estate

-

0.5%

Utilities

-

0.6%

Technology

AAPU
100.0%
SPXL
9.0%

Basic Materials

AAPU

-

SPXL
0.4%

Communication Services

AAPU

-

SPXL
2.2%

Consumer Cyclical

AAPU

-

SPXL
2.1%

Consumer Defensive

AAPU

-

SPXL
1.1%

Energy

AAPU

-

SPXL
0.8%

Financial Services

AAPU

-

SPXL
2.9%

Healthcare

AAPU

-

SPXL
2.1%

Industrials

AAPU

-

SPXL
1.8%

Real Estate

AAPU

-

SPXL
0.5%

Utilities

AAPU

-

SPXL
0.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily AAPL Bull 2X Shares

Direxion Daily S&P 500 Bull 3X ETF

Often compared with AAPU:
AAPU vs. AAPBAAPU vs. AAPXAAPU vs. AAPLAAPU vs. AAPDAAPU vs. APLYAAPU vs. TSDDAAPU vs. AMZU
Often compared with SPXL:
SPXL vs. SPYSPXL vs. TQQQSPXL vs. UPROSPXL vs. VOOSPXL vs. SSOSPXL vs. SPXSSPXL vs. SPXU

Return for Risk

AAPU vs. SPXL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
AAPU
AAPU Risk / Return Rank: 7474
Overall Rank
AAPU Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
AAPU Sortino Ratio Rank: 7070
Sortino Ratio Rank
AAPU Omega Ratio Rank: 7575
Omega Ratio Rank
AAPU Calmar Ratio Rank: 8484
Calmar Ratio Rank
AAPU Martin Ratio Rank: 6060
Martin Ratio Rank
SPXL
SPXL Risk / Return Rank: 6565
Overall Rank
SPXL Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
SPXL Sortino Ratio Rank: 6161
Sortino Ratio Rank
SPXL Omega Ratio Rank: 6262
Omega Ratio Rank
SPXL Calmar Ratio Rank: 6464
Calmar Ratio Rank
SPXL Martin Ratio Rank: 7070
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AAPU vs. SPXL - 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 S&P 500 Bull 3X ETF (SPXL). 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.

AAPUSPXLDifference
Sharpe ratioReturn per unit of total volatility
1.83
1.60

+0.23

Sortino ratioReturn per unit of downside risk
2.35
2.10

+0.25

Omega ratioGain probability vs. loss probability

1.32

1.27

+0.05

Calmar ratioReturn relative to maximum drawdown

3.27

2.30

+0.97

Martin ratioReturn relative to average drawdown

7.45

8.79

-1.34

AAPU vs. SPXL - Sharpe Ratio Comparison

The current AAPU Sharpe Ratio is 1.83, which is comparable to the SPXL Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of AAPU and SPXL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

AAPU vs. SPXL - Drawdown Comparison

The maximum AAPU drawdown since its inception was -58.61%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for AAPU and SPXL.

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Drawdown Indicators

AAPUSPXLDifference

Max Drawdown

Largest peak-to-trough decline

-58.61%

-76.86%

+18.25%

Max Drawdown (1Y)

Largest decline over 1 year

-28.90%

-26.77%

-2.13%

Max Drawdown (3Y)

Largest decline over 3 years

-58.61%

-48.95%

-9.66%

Max Drawdown (5Y)

Largest decline over 5 years

—

-63.80%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-76.86%

—

Current Drawdown

Current decline from peak

-21.19%

-2.71%

-18.48%

Average Drawdown

Average peak-to-trough decline

-17.30%

-16.04%

-1.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.64%

6.98%

+5.66%

Volatility

AAPU vs. SPXL - Volatility Comparison

Direxion Daily AAPL Bull 2X Shares (AAPU) has a higher volatility of 21.88% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 11.53%. This indicates that AAPU's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AAPUSPXLDifference

Volatility (1M)

Calculated over the trailing 1-month period

21.88%

11.53%

+10.35%

Volatility (6M)

Calculated over the trailing 6-month period

41.74%

30.70%

+11.04%

Volatility (1Y)

Calculated over the trailing 1-year period

51.65%

38.54%

+13.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

50.09%

50.67%

-0.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

50.09%

53.49%

-3.40%

AAPU vs. SPXL - Expense Ratio Comparison

AAPU has a 0.96% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

AAPU vs. SPXL - Dividend Comparison

AAPU's dividend yield for the trailing twelve months is around 7.90%, more than SPXL's 0.51% yield.

PositionTTM202520242023202220212020201920182017
AAPU
Direxion Daily AAPL Bull 2X Shares		7.90%8.66%14.58%2.32%0.79%0.00%0.00%0.00%0.00%0.00%
SPXL
Direxion Daily S&P 500 Bull 3X ETF		0.51%0.69%0.74%0.98%0.32%0.11%0.22%0.84%1.02%3.88%

Frequently Asked Questions

AAPU and SPXL have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AAPU has higher volatility (21.88%) compared to SPXL (11.53%). In terms of maximum drawdown, AAPU dropped -58.61% vs SPXL's -76.86%.

On 3-year performance, SPXL leads with 46.76% vs 22.71% for AAPU. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 11.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, SPXL has performed better with a 46.76% return vs 22.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPXL is cheaper with a 0.84% expense ratio, compared with 0.96% for AAPU.

AAPU has the higher dividend yield at 7.90%, compared with 0.51% for SPXL.

AAPU tracks Apple Inc. (200%), while SPXL tracks S&P 500. Their fees differ too: 0.96% for AAPU and 0.84% for SPXL.

AAPU currently has the higher Sharpe Ratio (1.83 vs 1.60), 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.

Portfolio Optimizer

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