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. (200%), 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 23.34%/yr vs -39.81%/yr for SPXS. At a correlation of -0.61, they often move in opposite directions. AAPU charges 0.96%/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 24.03% return, which is significantly higher than SPXS's -25.28% return.
AAPU
- 1D
- -1.65%
- 1M
- 15.11%
- 6M
- 35.05%
- YTD
- 24.03%
- 1Y
- 98.39%
- 3Y*
- 23.34%
- 5Y*
- —
- 10Y*
- —
SPXS
- 1D
- -1.03%
- 1M
- -4.29%
- 6M
- -21.61%
- YTD
- -25.28%
- 1Y
- -40.98%
- 3Y*
- -39.81%
- 5Y*
- -33.39%
- 10Y*
- -41.33%
AAPU vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
AAPU Direxion Daily AAPL Bull 2X Shares | 24.03% | -2.91% | 58.45% | 68.66% | -32.44% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.28% | -41.53% | -42.84% | -45.97% | 11.50% |
Correlation
The correlation between AAPU and SPXS is -0.47, 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 | -0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.54 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | -0.61 |
The correlation between AAPU and SPXS shifts across timeframes, from -0.61 (all time) to -0.47 (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.
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.
| AAPU | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.16 | ||
| Sortino ratioReturn per unit of downside risk | +4.32 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 0.82 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 3.42 | -0.94 | +4.36 |
| Martin ratioReturn relative to average drawdown | 7.86 | -1.63 | +9.49 |
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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% | -43.64% | +14.74% |
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 | — | -99.56% | — |
Current DrawdownCurrent decline from peak | -2.35% | -100.00% | +97.65% |
Average DrawdownAverage peak-to-trough decline | -17.48% | -96.30% | +78.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.57% | 25.12% | -12.55% |
Volatility
AAPU vs. SPXS - Volatility Comparison
Direxion Daily AAPL Bull 2X Shares (AAPU) has a higher volatility of 19.69% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 11.89%. 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 | 19.69% | 11.89% | +7.80% |
Volatility (6M)Calculated over the trailing 6-month period | 37.48% | 30.01% | +7.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.02% | 37.64% | +10.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.40% | 50.75% | -1.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.40% | 53.52% | -4.12% |
AAPU vs. SPXS - Expense Ratio Comparison
AAPU has a 0.96% 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 7.22%, more than SPXS's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AAPU Direxion Daily AAPL Bull 2X Shares | 7.22% | 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 | 4.54% | 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 -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAPU has higher volatility (19.69%) compared to SPXS (11.89%). In terms of maximum drawdown, AAPU dropped -58.61% vs SPXS's -100.00%.
On 3-year performance, AAPU leads with 23.34% vs -39.81% for SPXS. On fees, AAPU is cheaper at 0.96% per year. On volatility, SPXS has been the lower-risk option at 11.89%. 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 23.34% return vs -39.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AAPU is cheaper with a 0.96% expense ratio, compared with 1.08% for SPXS.
AAPU has the higher dividend yield at 7.22%, compared with 4.54% for SPXS.
AAPU is categorized as Leveraged Equities, while SPXS is Inverse Equities. AAPU tracks Apple Inc. (200%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.96% for AAPU and 1.08% for SPXS.
AAPU currently has the higher Sharpe Ratio (2.06 vs -1.09), 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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