AAPU vs. SPXS
AAPU (Direxion Daily AAPL Bull 2X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - AAPU is a Leveraged Equities fund tracking the Apple Inc. (150%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 3 years, AAPU returned 25.97%/yr vs -42.68%/yr for SPXS. At a correlation of -0.62, they often move in opposite directions. AAPU charges 1.04%/yr vs 1.08%/yr for SPXS.
Performance
AAPU vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, AAPU achieves a 23.16% return, which is significantly higher than SPXS's -25.49% return.
AAPU
- 1D
- -3.04%
- 1M
- 24.81%
- YTD
- 23.16%
- 6M
- 11.93%
- 1Y
- 104.11%
- 3Y*
- 25.97%
- 5Y*
- —
- 10Y*
- —
SPXS
- 1D
- 2.19%
- 1M
- -13.11%
- YTD
- -25.49%
- 6M
- -24.86%
- 1Y
- -48.73%
- 3Y*
- -42.68%
- 5Y*
- -34.76%
- 10Y*
- -42.01%
AAPU vs. SPXS - 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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -42.84% | -45.97% | 10.07% |
Correlation
The correlation between AAPU and SPXS is -0.51, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.51 |
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 SPXS shifts across timeframes, from -0.62 (all time) to -0.51 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
AAPU vs. SPXS — Risk / Return Rank
AAPU
SPXS
AAPU vs. SPXS - 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 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.72 | ||
| Sortino ratioReturn per unit of downside risk | +5.30 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 0.75 | +0.63 |
| Calmar ratioReturn relative to maximum drawdown | 3.62 | -0.96 | +4.58 |
| Martin ratioReturn relative to average drawdown | 8.72 | -1.62 | +10.35 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AAPU | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.34 | -1.38 | +3.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.69 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | -0.83 | +1.29 |
Drawdowns
AAPU vs. SPXS - Drawdown Comparison
The maximum AAPU drawdown since its inception was -58.61%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for AAPU and SPXS.
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Drawdown Indicators
| AAPU | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.61% | -100.00% | +41.39% |
Max Drawdown (1Y)Largest decline over 1 year | -28.90% | -50.77% | +21.87% |
Max Drawdown (3Y)Largest decline over 3 years | -58.61% | -84.13% | +25.52% |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.63% | — |
Current DrawdownCurrent decline from peak | -3.04% | -100.00% | +96.96% |
Average DrawdownAverage peak-to-trough decline | -17.69% | -96.30% | +78.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.98% | 30.04% | -18.06% |
Volatility
AAPU vs. SPXS - Volatility Comparison
Direxion Daily AAPL Bull 2X Shares (AAPU) has a higher volatility of 10.71% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. This indicates that AAPU's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAPU | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.71% | 8.51% | +2.20% |
Volatility (6M)Calculated over the trailing 6-month period | 31.79% | 26.82% | +4.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.66% | 35.54% | +9.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.93% | 50.39% | -1.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.93% | 53.54% | -4.61% |
AAPU vs. SPXS - Expense Ratio Comparison
AAPU has a 1.04% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
AAPU vs. SPXS - Dividend Comparison
AAPU's dividend yield for the trailing twelve months is around 6.90%, more than SPXS's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.91% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
AAPU and SPXS have a correlation of -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAPU has higher volatility (10.71%) compared to SPXS (8.51%). In terms of maximum drawdown, AAPU dropped -58.61% vs SPXS's -100.00%.
On 3-year performance, AAPU leads with 25.97% vs -42.68% for SPXS. On fees, AAPU is cheaper at 1.04% per year. On volatility, SPXS has been the lower-risk option at 8.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, AAPU has performed better with a 25.97% return vs -42.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AAPU is cheaper with a 1.04% expense ratio, compared with 1.08% for SPXS.
AAPU has the higher dividend yield at 6.90%, compared with 4.91% for SPXS.
AAPU is categorized as Leveraged Equities, while SPXS is Inverse Equities. AAPU tracks Apple Inc. (150%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.04% for AAPU and 1.08% for SPXS.
AAPU currently has the higher Sharpe Ratio (2.34 vs -1.38), 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.
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