AAPU vs. SPXL

Last updated Jun 4, 2026

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. (150%) while SPXL tracks the S&P 500. Both are passively managed. Over the past 3 years, AAPU returned 25.97%/yr vs 52.83%/yr for SPXL. A 0.62 correlation means they provide meaningful diversification when combined. AAPU charges 1.04%/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.

Returns By Period

In the year-to-date period, AAPU achieves a 23.16% return, which is significantly lower than SPXL's 28.14% return.

AAPU

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

SPXL

• 1D: -2.08%
• 1M: 14.77%
• YTD: 28.14%
• 6M: 26.88%
• 1Y: 81.54%
• 3Y*: 52.83%
• 5Y*: 23.51%
• 10Y*: 30.20%

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

AAPU vs. SPXL - 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%
SPXL Direxion Daily S&P 500 Bull 3X ETF	28.14%	31.94%	63.61%	69.49%	-25.73%

Correlation

The correlation between AAPU and SPXL is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
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	0.62

The correlation between AAPU and SPXL shifts across timeframes, from 0.50 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.

AAPU vs. SPXL - Sectors Allocation Comparison

Sectors	AAPU	SPXL
Technology	100.0%	8.5%
Basic Materials	-	0.4%
Communication Services	-	2.4%
Consumer Cyclical	-	2.2%
Consumer Defensive	-	1.1%
Energy	-	0.8%
Financial Services	-	2.6%
Healthcare	-	1.9%
Industrials	-	1.7%
Real Estate	-	0.4%
Utilities	-	0.6%

Return for Risk

AAPU vs. SPXL — 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

SPXL

SPXL Risk / Return Rank: 63
SPXL Sharpe Ratio Rank: 69
SPXL Sortino Ratio Rank: 57
SPXL Omega Ratio Rank: 58
SPXL Calmar Ratio Rank: 60
SPXL Martin Ratio Rank: 68

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. 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.

	AAPU	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.32	+0.03
Sortino ratio: Return per unit of downside risk	3.00	2.78	+0.22
Omega ratio: Gain probability vs. loss probability	1.38	1.37	+0.01
Calmar ratio: Return relative to maximum drawdown	3.62	3.06	+0.56
Martin ratio: Return relative to average drawdown	8.72	12.94	-4.21
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. SPXL - Sharpe Ratio Comparison

The current AAPU Sharpe Ratio is 2.34, which is comparable to the SPXL Sharpe Ratio of 2.32. 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.

Sharpe Ratios by Period

	AAPU	SPXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	2.32	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.47	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.53	-0.07

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.

Drawdown Indicators

	AAPU	SPXL	Difference
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	-3.04%	-2.08%	-0.96%
Average Drawdown Average peak-to-trough decline	-17.69%	-15.72%	-1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.98%	6.32%	+5.66%

Volatility

AAPU vs. SPXL - Volatility Comparison

Direxion Daily AAPL Bull 2X Shares (AAPU) has a higher volatility of 10.71% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 8.49%. 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.

Volatility by Period

	AAPU	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.71%	8.49%	+2.22%
Volatility (6M) Calculated over the trailing 6-month period	31.79%	26.67%	+5.12%
Volatility (1Y) Calculated over the trailing 1-year period	44.66%	35.39%	+9.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.93%	50.24%	-1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.93%	53.42%	-4.49%

AAPU vs. SPXL - Expense Ratio Comparison

AAPU has a 1.04% 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 6.90%, more than SPXL's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.52%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

Frequently Asked Questions

Can I hold both AAPU and SPXL in my portfolio?

AAPU and SPXL have a correlation of 0.50, 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 SPXL?

AAPU has higher volatility (10.71%) compared to SPXL (8.49%). In terms of maximum drawdown, AAPU dropped -58.61% vs SPXL's -76.86%.

Which ETF is better, AAPU or SPXL?

On 3-year performance, SPXL leads with 52.83% vs 25.97% for AAPU. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 8.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPU or SPXL?

Over the 3-year period, SPXL has performed better with a 52.83% 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 SPXL?

SPXL is cheaper with a 0.84% expense ratio, compared with 1.04% for AAPU.

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

AAPU has the higher dividend yield at 6.90%, compared with 0.52% for SPXL.

What is the main difference between AAPU and SPXL?

AAPU tracks Apple Inc. (150%), while SPXL tracks S&P 500. Their fees differ too: 1.04% for AAPU and 0.84% for SPXL.

Which has better risk-adjusted returns?

AAPU currently has the higher Sharpe Ratio (2.34 vs 2.32), 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.