AAPU vs. TQQQ

Last updated Aug 2, 2026

AAPU (Direxion Daily AAPL Bull 2X Shares) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds - AAPU tracks the Apple Inc. (200%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 3 years, AAPU returned 19.73%/yr vs 43.81%/yr for TQQQ. Their 0.59 correlation means they have sometimes moved together and sometimes differently. AAPU charges 0.96%/yr vs 0.95%/yr for TQQQ.

Performance

AAPU vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AAPL Bull 2X Shares (AAPU) and ProShares UltraPro QQQ (TQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPU achieves a 17.61% return, which is significantly lower than TQQQ's 23.06% return.

AAPU

• 1D: -14.86%
• 1M: -1.17%
• 6M: 30.99%
• YTD: 17.61%
• 1Y: 101.24%
• 3Y*: 19.73%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.96%

TQQQ

• 1D: 2.09%
• 1M: -11.90%
• 6M: 20.14%
• YTD: 23.06%
• 1Y: 56.87%
• 3Y*: 43.81%
• 5Y*: 15.36%
• 10Y*: 39.46%
• ALL TIME*: 42.33%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AAPU Direxion Daily AAPL Bull 2X Shares	$87.91M	$80.86M	$75.86M
TQQQ ProShares UltraPro QQQ	$4.37B	$4.57B	$5.33B

AAPU vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AAPU Direxion Daily AAPL Bull 2X Shares	17.61%	-2.91%	58.45%	68.66%	-32.44%
TQQQ ProShares UltraPro QQQ	23.06%	34.35%	58.27%	198.04%	-50.22%

Correlation

The correlation between AAPU and TQQQ is 0.37, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.37
Correlation (3Y) Balances recent behavior with more history.	0.50
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.59

Over the past year, the correlation between AAPU and TQQQ has dropped to 0.37 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

AAPU vs. TQQQ - Sectors Allocation Comparison

Sectors	AAPU	TQQQ
Technology	100.0%	53.8%
Basic Materials	-	1.1%
Communication Services	-	15.8%
Consumer Cyclical	-	12.3%
Consumer Defensive	-	7.7%
Energy	-	0.6%
Financial Services	-	0.2%
Healthcare	-	4.2%
Industrials	-	2.8%
Real Estate	-	0.1%
Utilities	-	1.4%

Return for Risk

AAPU vs. TQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AAPU

AAPU Risk / Return Rank: 74
AAPU Sharpe Ratio Rank: 78
AAPU Sortino Ratio Rank: 70
AAPU Omega Ratio Rank: 75
AAPU Calmar Ratio Rank: 84
AAPU Martin Ratio Rank: 61

TQQQ

TQQQ Risk / Return Rank: 36
TQQQ Sharpe Ratio Rank: 34
TQQQ Sortino Ratio Rank: 37
TQQQ Omega Ratio Rank: 36
TQQQ Calmar Ratio Rank: 37
TQQQ Martin Ratio Rank: 36

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AAPU vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AAPL Bull 2X Shares (AAPU) and ProShares UltraPro QQQ (TQQQ). 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	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.76	0.83	+0.93
Sortino ratio: Return per unit of downside risk	2.28	1.38	+0.90
Omega ratio: Gain probability vs. loss probability	1.31	1.17	+0.14
Calmar ratio: Return relative to maximum drawdown	3.14	1.29	+1.85
Martin ratio: Return relative to average drawdown	7.22	3.60	+3.62

AAPU vs. TQQQ - Sharpe Ratio Comparison

The current AAPU Sharpe Ratio is 1.76, which is higher than the TQQQ Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of AAPU and TQQQ, 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. TQQQ - Drawdown Comparison

The maximum AAPU drawdown since its inception was -58.61%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for AAPU and TQQQ.

Drawdown Indicators

	AAPU	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-58.61%	-81.66%	+23.05%
Max Drawdown (1Y) Largest decline over 1 year	-28.90%	-36.97%	+8.07%
Max Drawdown (3Y) Largest decline over 3 years	-58.61%	-58.04%	-0.57%
Max Drawdown (5Y) Largest decline over 5 years	—	-81.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-81.66%	—
Current Drawdown Current decline from peak	-18.21%	-25.74%	+7.53%
Average Drawdown Average peak-to-trough decline	-17.29%	-18.49%	+1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.58%	13.24%	-0.66%

Volatility

AAPU vs. TQQQ - Volatility Comparison

Direxion Daily AAPL Bull 2X Shares (AAPU) has a higher volatility of 23.35% compared to ProShares UltraPro QQQ (TQQQ) at 20.41%. This indicates that AAPU's price experiences larger fluctuations and is considered to be riskier than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPU	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.35%	20.41%	+2.94%
Volatility (6M) Calculated over the trailing 6-month period	41.56%	47.79%	-6.23%
Volatility (1Y) Calculated over the trailing 1-year period	51.73%	57.62%	-5.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.08%	68.04%	-17.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.08%	66.57%	-16.49%

AAPU vs. TQQQ - Expense Ratio Comparison

AAPU has a 0.96% expense ratio, which is higher than TQQQ's 0.95% expense ratio.

Dividends

AAPU vs. TQQQ - Dividend Comparison

AAPU's dividend yield for the trailing twelve months is around 7.61%, more than TQQQ's 0.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAPU Direxion Daily AAPL Bull 2X Shares	7.61%	8.66%	14.58%	2.32%	0.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TQQQ ProShares UltraPro QQQ	0.58%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%

Frequently Asked Questions

Can I hold both AAPU and TQQQ in my portfolio?

AAPU and TQQQ have a correlation of 0.37, 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 TQQQ?

AAPU has higher volatility (23.35%) compared to TQQQ (20.41%). In terms of maximum drawdown, AAPU dropped -58.61% vs TQQQ's -81.66%.

Which ETF is better, AAPU or TQQQ?

On 3-year performance, TQQQ leads with 43.81% vs 19.73% for AAPU. On fees, TQQQ is cheaper at 0.95% per year. On volatility, TQQQ has been the lower-risk option at 20.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPU or TQQQ?

Over the 3-year period, TQQQ has performed better with a 43.81% return vs 19.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPU or TQQQ?

TQQQ is cheaper with a 0.95% expense ratio, compared with 0.96% for AAPU.

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

AAPU has the higher dividend yield at 7.61%, compared with 0.58% for TQQQ.

What is the main difference between AAPU and TQQQ?

AAPU tracks Apple Inc. (200%), while TQQQ tracks NASDAQ-100 Index (300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.96% for AAPU and 0.95% for TQQQ.

Which has better risk-adjusted returns?

AAPU currently has the higher Sharpe Ratio (1.76 vs 0.83), 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.