AAPU vs. TMF

Last updated Jun 4, 2026

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. (150%), 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 25.97%/yr vs -20.78%/yr for TMF. At a 0.12 correlation, their price movements are largely independent. AAPU charges 1.04%/yr vs 1.01%/yr for TMF.

Performance

AAPU vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AAPL Bull 2X Shares (AAPU) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPU achieves a 23.16% return, which is significantly higher than TMF's -6.13% return.

AAPU

• 1D: -3.04%
• 1M: 24.81%
• YTD: 23.16%
• 6M: 11.93%
• 1Y: 104.11%
• 3Y*: 25.97%
• 5Y*: —
• 10Y*: —

TMF

• 1D: -1.14%
• 1M: 1.22%
• YTD: -6.13%
• 6M: -11.63%
• 1Y: 0.90%
• 3Y*: -20.78%
• 5Y*: -30.52%
• 10Y*: -16.56%

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

AAPU vs. TMF - 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%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-6.13%	-2.94%	-35.95%	-13.01%	-42.81%

Correlation

The correlation between AAPU and TMF is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022	0.12

AAPU vs. TMF - Sectors Allocation Comparison

Sectors	AAPU	TMF
Technology	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	18.7%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

AAPU vs. TMF — Risk / Return Rank

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

AAPU

AAPU Risk / Return Rank: 63
AAPU Sharpe Ratio Rank: 70
AAPU Sortino Ratio Rank: 63
AAPU Omega Ratio Rank: 61
AAPU Calmar Ratio Rank: 71
AAPU Martin Ratio Rank: 51

TMF

TMF Risk / Return Rank: 9
TMF Sharpe Ratio Rank: 9
TMF Sortino Ratio Rank: 9
TMF Omega Ratio Rank: 9
TMF Calmar Ratio Rank: 9
TMF Martin Ratio Rank: 9

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. 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.

	AAPU	TMF	Difference
Sharpe ratio: Return per unit of total volatility	2.34	0.03	+2.31
Sortino ratio: Return per unit of downside risk	3.00	0.25	+2.74
Omega ratio: Gain probability vs. loss probability	1.38	1.03	+0.35
Calmar ratio: Return relative to maximum drawdown	3.62	0.03	+3.59
Martin ratio: Return relative to average drawdown	8.72	0.08	+8.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAPU vs. TMF - Sharpe Ratio Comparison

The current AAPU Sharpe Ratio is 2.34, which is higher than the TMF Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of AAPU and TMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AAPU	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	0.03	+2.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	-0.14	+0.59

Drawdowns

AAPU vs. TMF - Drawdown Comparison

The maximum AAPU drawdown since its inception was -58.61%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for AAPU and TMF.

Drawdown Indicators

	AAPU	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-58.61%	-92.89%	+34.28%
Max Drawdown (1Y) Largest decline over 1 year	-28.90%	-26.51%	-2.39%
Max Drawdown (3Y) Largest decline over 3 years	-58.61%	-56.31%	-2.30%
Max Drawdown (5Y) Largest decline over 5 years	—	-88.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-92.89%	—
Current Drawdown Current decline from peak	-3.04%	-92.23%	+89.19%
Average Drawdown Average peak-to-trough decline	-17.69%	-43.63%	+25.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.98%	11.49%	+0.49%

Volatility

AAPU vs. TMF - Volatility Comparison

Direxion Daily AAPL Bull 2X Shares (AAPU) has a higher volatility of 10.71% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 8.09%. 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.

Volatility by Period

	AAPU	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.71%	8.09%	+2.62%
Volatility (6M) Calculated over the trailing 6-month period	31.79%	19.01%	+12.78%
Volatility (1Y) Calculated over the trailing 1-year period	44.66%	28.76%	+15.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.93%	46.75%	+2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.93%	43.92%	+5.01%

AAPU vs. TMF - Expense Ratio Comparison

AAPU has a 1.04% expense ratio, which is higher than TMF's 1.01% expense ratio.

Dividends

AAPU vs. TMF - Dividend Comparison

AAPU's dividend yield for the trailing twelve months is around 6.90%, more than TMF's 4.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%	0.00%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	4.15%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Frequently Asked Questions

Can I hold both AAPU and TMF in my portfolio?

AAPU and TMF have a correlation of 0.10, 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 TMF?

AAPU has higher volatility (10.71%) compared to TMF (8.09%). In terms of maximum drawdown, AAPU dropped -58.61% vs TMF's -92.89%.

Which ETF is better, AAPU or TMF?

On 3-year performance, AAPU leads with 25.97% vs -20.78% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 8.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPU or TMF?

Over the 3-year period, AAPU has performed better with a 25.97% return vs -20.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPU or TMF?

TMF is cheaper with a 1.01% expense ratio, compared with 1.04% for AAPU.

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

AAPU has the higher dividend yield at 6.90%, compared with 4.15% for TMF.

What is the main difference between AAPU and TMF?

AAPU is categorized as Leveraged Equities, while TMF is Leveraged Bonds. AAPU tracks Apple Inc. (150%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.04% for AAPU and 1.01% for TMF.

Which has better risk-adjusted returns?

AAPU currently has the higher Sharpe Ratio (2.34 vs 0.03), 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.