AAPU vs. TMF
AAPU (Direxion Daily AAPL Bull 2X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - AAPU is a Leveraged Equities fund tracking the Apple Inc. (200%), while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 3 years, AAPU returned 22.71%/yr vs -18.84%/yr for TMF. Their 0.12 correlation means their historical movements had little consistent relationship. AAPU charges 0.96%/yr vs 1.01%/yr for TMF.
Performance
AAPU vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, AAPU achieves a 13.33% return, which is significantly higher than TMF's -15.88% return.
AAPU
- 1D
- -3.64%
- 1M
- -4.76%
- 6M
- 16.42%
- YTD
- 13.33%
- 1Y
- 93.91%
- 3Y*
- 22.71%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 18.81%
TMF
- 1D
- 0.95%
- 1M
- -11.21%
- 6M
- -14.16%
- YTD
- -15.88%
- 1Y
- -17.67%
- 3Y*
- -18.84%
- 5Y*
- -35.05%
- 10Y*
- -18.33%
- ALL TIME*
- -6.63%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $95.46M | $84.08M | $76.55M | |
| $168.22M | $133.63M | $127.70M |
AAPU vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
AAPU Direxion Daily AAPL Bull 2X Shares | 13.33% | -2.91% | 58.45% | 68.66% | -32.44% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -15.88% | -2.94% | -35.95% | -13.01% | -43.40% |
Correlation
The correlation between AAPU and TMF is 0.15, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.15 |
Correlation (3Y) Balances recent behavior with more history. | 0.13 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.12 |
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Return for Risk
AAPU vs. TMF — Risk / Return Rank
AAPU
TMF
AAPU vs. TMF - 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 20+ Year Treasury Bull 3X ETF (TMF). 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 | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.49 | ||
| Sortino ratioReturn per unit of downside risk | +3.15 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.91 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 3.27 | -0.62 | +3.88 |
| Martin ratioReturn relative to average drawdown | 7.45 | -1.25 | +8.70 |
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Drawdowns
AAPU vs. TMF - Drawdown Comparison
The maximum AAPU drawdown since its inception was -58.61%, smaller than the maximum TMF drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for AAPU and TMF.
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Drawdown Indicators
| AAPU | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.61% | -93.10% | +34.49% |
Max Drawdown (1Y)Largest decline over 1 year | -28.90% | -28.69% | -0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -58.61% | -50.64% | -7.97% |
Max Drawdown (5Y)Largest decline over 5 years | — | -89.14% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.10% | — |
Current DrawdownCurrent decline from peak | -21.19% | -93.04% | +71.85% |
Average DrawdownAverage peak-to-trough decline | -17.30% | -44.08% | +26.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.64% | 14.21% | -1.57% |
Volatility
AAPU vs. TMF - Volatility Comparison
Direxion Daily AAPL Bull 2X Shares (AAPU) has a higher volatility of 21.88% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.36%. This indicates that AAPU's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAPU | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.88% | 7.36% | +14.52% |
Volatility (6M)Calculated over the trailing 6-month period | 41.74% | 19.96% | +21.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.65% | 27.08% | +24.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.09% | 46.37% | +3.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.09% | 43.71% | +6.38% |
AAPU vs. TMF - Expense Ratio Comparison
AAPU has a 0.96% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
AAPU vs. TMF - Dividend Comparison
AAPU's dividend yield for the trailing twelve months is around 7.90%, more than TMF's 4.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
AAPU Direxion Daily AAPL Bull 2X Shares | 7.90% | 8.66% | 14.58% | 2.32% | 0.79% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.69% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
AAPU and TMF have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAPU has higher volatility (21.88%) compared to TMF (7.36%). In terms of maximum drawdown, AAPU dropped -58.61% vs TMF's -93.10%.
On 3-year performance, AAPU leads with 22.71% vs -18.84% for TMF. On fees, AAPU is cheaper at 0.96% per year. On volatility, TMF has been the lower-risk option at 7.36%. 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 22.71% return vs -18.84%. 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 1.01% for TMF.
AAPU has the higher dividend yield at 7.90%, compared with 4.69% for TMF.
AAPU is categorized as Leveraged Equities, while TMF is Leveraged Bonds. AAPU tracks Apple Inc. (200%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 0.96% for AAPU and 1.01% for TMF.
AAPU currently has the higher Sharpe Ratio (1.83 vs -0.66), 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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