AAPU vs. SPY

Last updated Jun 24, 2026

AAPU (Direxion Daily AAPL Bull 2X Shares) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - AAPU is a Leveraged Equities fund tracking the Apple Inc. (150%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, AAPU returned 19.25%/yr vs 20.68%/yr for SPY. A 0.62 correlation means they provide meaningful diversification when combined. AAPU charges 1.04%/yr vs 0.09%/yr for SPY.

Performance

AAPU vs. SPY - Performance Comparison

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

Returns By Period

In the year-to-date period, AAPU achieves a 9.14% return, which is significantly higher than SPY's 8.15% return.

AAPU

• 1D: -2.33%
• 1M: -10.69%
• YTD: 9.14%
• 6M: 8.52%
• 1Y: 85.62%
• 3Y*: 19.25%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

AAPU vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-6.59%

Correlation

The correlation between AAPU and SPY is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	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 SPY shifts across timeframes, from 0.50 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.

AAPU vs. SPY - Sectors Allocation Comparison

Sectors	AAPU	SPY
Technology	100.0%	39.0%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Financial Services	-	11.1%
Healthcare	-	8.3%
Industrials	-	7.8%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

AAPU vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAPU

AAPU Risk / Return Rank: 56
AAPU Sharpe Ratio Rank: 60
AAPU Sortino Ratio Rank: 56
AAPU Omega Ratio Rank: 55
AAPU Calmar Ratio Rank: 63
AAPU Martin Ratio Rank: 44

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AAPL Bull 2X Shares (AAPU) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.90	+0.01
Sortino ratio: Return per unit of downside risk	2.56	2.58	-0.02
Omega ratio: Gain probability vs. loss probability	1.33	1.34	-0.02
Calmar ratio: Return relative to maximum drawdown	2.98	2.67	+0.31
Martin ratio: Return relative to average drawdown	7.03	11.92	-4.89

AAPU vs. SPY - Sharpe Ratio Comparison

The current AAPU Sharpe Ratio is 1.91, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of AAPU and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AAPU vs. SPY - Drawdown Comparison

The maximum AAPU drawdown since its inception was -58.61%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for AAPU and SPY.

Drawdown Indicators

	AAPU	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-58.61%	-55.19%	-3.42%
Max Drawdown (1Y) Largest decline over 1 year	-28.90%	-8.88%	-20.02%
Max Drawdown (3Y) Largest decline over 3 years	-58.61%	-18.76%	-39.85%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-14.08%	-3.17%	-10.91%
Average Drawdown Average peak-to-trough decline	-17.59%	-9.04%	-8.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.22%	1.98%	+10.24%

Volatility

AAPU vs. SPY - Volatility Comparison

Direxion Daily AAPL Bull 2X Shares (AAPU) has a higher volatility of 14.03% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that AAPU's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPU	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.03%	4.87%	+9.16%
Volatility (6M) Calculated over the trailing 6-month period	33.29%	9.85%	+23.44%
Volatility (1Y) Calculated over the trailing 1-year period	45.19%	12.50%	+32.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.91%	17.15%	+31.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.91%	17.95%	+30.96%

AAPU vs. SPY - Expense Ratio Comparison

AAPU has a 1.04% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

AAPU vs. SPY - Dividend Comparison

AAPU's dividend yield for the trailing twelve months is around 7.79%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both AAPU and SPY in my portfolio?

AAPU and SPY 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 SPY?

AAPU has higher volatility (14.03%) compared to SPY (4.87%). In terms of maximum drawdown, AAPU dropped -58.61% vs SPY's -55.19%.

Which ETF is better, AAPU or SPY?

On 3-year performance, SPY leads with 20.68% vs 19.25% for AAPU. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPU or SPY?

Over the 3-year period, SPY has performed better with a 20.68% return vs 19.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPU or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.04% for AAPU.

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

AAPU has the higher dividend yield at 7.79%, compared with 1.03% for SPY.

What is the main difference between AAPU and SPY?

AAPU is categorized as Leveraged Equities, while SPY is S&P 500. AAPU tracks Apple Inc. (150%), while SPY tracks S&P 500 Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.04% for AAPU and 0.09% for SPY.

Which has better risk-adjusted returns?

AAPU currently has the higher Sharpe Ratio (1.91 vs 1.90), 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.