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 19.25%/yr vs -40.67%/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 9.14% return, which is significantly higher than SPXS's -20.76% return.
AAPU
- 1D
- -2.33%
- 1M
- -10.69%
- YTD
- 9.14%
- 6M
- 8.52%
- 1Y
- 85.62%
- 3Y*
- 19.25%
- 5Y*
- —
- 10Y*
- —
SPXS
- 1D
- 3.42%
- 1M
- 3.11%
- YTD
- -20.76%
- 6M
- -18.37%
- 1Y
- -44.21%
- 3Y*
- -40.67%
- 5Y*
- -33.53%
- 10Y*
- -42.08%
AAPU vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
AAPU Direxion Daily AAPL Bull 2X Shares | 9.14% | -2.91% | 58.45% | 68.66% | -32.44% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -20.76% | -41.53% | -42.84% | -45.97% | 11.50% |
Correlation
The correlation between AAPU and SPXS is -0.50, 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 | -0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.55 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | -0.62 |
The correlation between AAPU and SPXS shifts across timeframes, from -0.62 (all time) to -0.50 (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 | +3.10 | ||
| Sortino ratioReturn per unit of downside risk | +4.48 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 0.79 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 2.98 | -0.94 | +3.92 |
| Martin ratioReturn relative to average drawdown | 7.03 | -1.63 | +8.66 |
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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% | -46.94% | +18.04% |
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 | -14.08% | -100.00% | +85.92% |
Average DrawdownAverage peak-to-trough decline | -17.59% | -96.29% | +78.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.22% | 29.25% | -17.03% |
Volatility
AAPU vs. SPXS - Volatility Comparison
Direxion Daily AAPL Bull 2X Shares (AAPU) and Direxion Daily S&P 500 Bear 3X Shares (SPXS) have volatilities of 14.03% and 14.08%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 14.03% | 14.08% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 33.29% | 29.38% | +3.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.19% | 37.37% | +7.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.91% | 50.68% | -1.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.91% | 53.59% | -4.68% |
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 7.79%, more than SPXS's 4.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AAPU Direxion Daily AAPL Bull 2X Shares | 7.79% | 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 | 4.62% | 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 -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (14.08%) compared to AAPU (14.03%). In terms of maximum drawdown, AAPU dropped -58.61% vs SPXS's -100.00%.
On 3-year performance, AAPU leads with 19.25% vs -40.67% for SPXS. On fees, AAPU is cheaper at 1.04% per year. Their volatility is very similar. 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 19.25% return vs -40.67%. 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 7.79%, compared with 4.62% 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 (1.91 vs -1.19), 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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