AAPU vs. TSMG

Last updated Jun 24, 2026

AAPU (Direxion Daily AAPL Bull 2X Shares) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. AAPU is passively managed, while TSMG is actively managed. Over the past year, AAPU returned 85.62% vs 241.80% for TSMG. At a 0.26 correlation, their price movements are largely independent. AAPU charges 1.04%/yr vs 0.75%/yr for TSMG.

Performance

AAPU vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AAPL Bull 2X Shares (AAPU) and Leverage Shares 2X Long TSM Daily ETF (TSMG). 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 lower than TSMG's 80.39% return.

AAPU

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

TSMG

• 1D: -13.49%
• 1M: 12.90%
• YTD: 80.39%
• 6M: 88.25%
• 1Y: 241.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAPU vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
AAPU Direxion Daily AAPL Bull 2X Shares	9.14%	11.32%
TSMG Leverage Shares 2X Long TSM Daily ETF	80.39%	71.03%

Correlation

The correlation between AAPU and TSMG is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	0.26

Return for Risk

AAPU vs. TSMG — 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

TSMG

TSMG Risk / Return Rank: 85
TSMG Sharpe Ratio Rank: 93
TSMG Sortino Ratio Rank: 75
TSMG Omega Ratio Rank: 70
TSMG Calmar Ratio Rank: 94
TSMG Martin Ratio Rank: 92

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. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AAPL Bull 2X Shares (AAPU) and Leverage Shares 2X Long TSM Daily ETF (TSMG). 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	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	1.91	3.17	-1.27
Sortino ratio: Return per unit of downside risk	2.56	3.15	-0.59
Omega ratio: Gain probability vs. loss probability	1.33	1.39	-0.06
Calmar ratio: Return relative to maximum drawdown	2.98	6.90	-3.92
Martin ratio: Return relative to average drawdown	7.03	22.04	-15.01

AAPU vs. TSMG - Sharpe Ratio Comparison

The current AAPU Sharpe Ratio is 1.91, which is lower than the TSMG Sharpe Ratio of 3.17. The chart below compares the historical Sharpe Ratios of AAPU and TSMG, 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. TSMG - Drawdown Comparison

The maximum AAPU drawdown since its inception was -58.61%, smaller than the maximum TSMG drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for AAPU and TSMG.

Drawdown Indicators

	AAPU	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-58.61%	-63.67%	+5.06%
Max Drawdown (1Y) Largest decline over 1 year	-28.90%	-35.29%	+6.39%
Max Drawdown (3Y) Largest decline over 3 years	-58.61%	—	—
Current Drawdown Current decline from peak	-14.08%	-13.49%	-0.59%
Average Drawdown Average peak-to-trough decline	-17.59%	-16.65%	-0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.22%	11.03%	+1.19%

Volatility

AAPU vs. TSMG - Volatility Comparison

The current volatility for Direxion Daily AAPL Bull 2X Shares (AAPU) is 14.03%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 33.00%. This indicates that AAPU experiences smaller price fluctuations and is considered to be less risky than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPU	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.03%	33.00%	-18.97%
Volatility (6M) Calculated over the trailing 6-month period	33.29%	60.76%	-27.47%
Volatility (1Y) Calculated over the trailing 1-year period	45.19%	76.78%	-31.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.91%	83.21%	-34.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.91%	83.21%	-34.30%

AAPU vs. TSMG - Expense Ratio Comparison

AAPU has a 1.04% expense ratio, which is higher than TSMG's 0.75% expense ratio.

Dividends

AAPU vs. TSMG - Dividend Comparison

AAPU's dividend yield for the trailing twelve months is around 7.79%, more than TSMG's 6.37% yield.

Position	TTM	2025	2024	2023	2022
AAPU Direxion Daily AAPL Bull 2X Shares	7.79%	8.66%	14.58%	2.32%	0.79%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.37%	11.48%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AAPU and TSMG in my portfolio?

AAPU and TSMG have a correlation of 0.23, 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 TSMG?

TSMG has higher volatility (33.00%) compared to AAPU (14.03%). In terms of maximum drawdown, AAPU dropped -58.61% vs TSMG's -63.67%.

Which ETF is better, AAPU or TSMG?

On 1-year performance, TSMG leads with 241.80% vs 85.62% for AAPU. On fees, TSMG is cheaper at 0.75% per year. On volatility, AAPU has been the lower-risk option at 14.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPU or TSMG?

Over the 1-year period, TSMG has performed better with a 241.80% return vs 85.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPU or TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 1.04% for AAPU.

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

AAPU has the higher dividend yield at 7.79%, compared with 6.37% for TSMG.

What is the main difference between AAPU and TSMG?

They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 1.04% for AAPU and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (3.17 vs 1.91), 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.