AAPU vs. UGA

Last updated Jun 24, 2026

AAPU (Direxion Daily AAPL Bull 2X Shares) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - AAPU is a Leveraged Equities fund tracking the Apple Inc. (150%), while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 3 years, AAPU returned 19.25%/yr vs 18.95%/yr for UGA. At a 0.01 correlation, their price movements are largely independent. AAPU charges 1.04%/yr vs 0.75%/yr for UGA.

Performance

AAPU vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AAPL Bull 2X Shares (AAPU) and United States Gasoline Fund LP (UGA). 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 UGA's 64.09% return.

AAPU

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

UGA

• 1D: -1.12%
• 1M: -12.11%
• YTD: 64.09%
• 6M: 60.42%
• 1Y: 59.74%
• 3Y*: 18.95%
• 5Y*: 22.69%
• 10Y*: 14.31%

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

AAPU vs. UGA - 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%
UGA United States Gasoline Fund LP	64.09%	-2.00%	3.77%	1.27%	3.20%

Correlation

The correlation between AAPU and UGA is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.16
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.01

The correlation between AAPU and UGA shifts across timeframes, from -0.16 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AAPU vs. UGA — 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

UGA

UGA Risk / Return Rank: 55
UGA Sharpe Ratio Rank: 53
UGA Sortino Ratio Rank: 48
UGA Omega Ratio Rank: 49
UGA Calmar Ratio Rank: 67
UGA Martin Ratio Rank: 56

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. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AAPL Bull 2X Shares (AAPU) and United States Gasoline Fund LP (UGA). 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	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.73	+0.18
Sortino ratio: Return per unit of downside risk	2.56	2.25	+0.31
Omega ratio: Gain probability vs. loss probability	1.33	1.30	+0.03
Calmar ratio: Return relative to maximum drawdown	2.98	3.17	-0.19
Martin ratio: Return relative to average drawdown	7.03	9.39	-2.36

AAPU vs. UGA - Sharpe Ratio Comparison

The current AAPU Sharpe Ratio is 1.91, which is comparable to the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of AAPU and UGA, 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. UGA - Drawdown Comparison

The maximum AAPU drawdown since its inception was -58.61%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for AAPU and UGA.

Drawdown Indicators

	AAPU	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-58.61%	-86.59%	+27.98%
Max Drawdown (1Y) Largest decline over 1 year	-28.90%	-18.96%	-9.94%
Max Drawdown (3Y) Largest decline over 3 years	-58.61%	-26.68%	-31.93%
Max Drawdown (5Y) Largest decline over 5 years	—	-38.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	-14.08%	-18.05%	+3.97%
Average Drawdown Average peak-to-trough decline	-17.59%	-36.69%	+19.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.22%	6.43%	+5.79%

Volatility

AAPU vs. UGA - Volatility Comparison

Direxion Daily AAPL Bull 2X Shares (AAPU) has a higher volatility of 14.03% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that AAPU's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPU	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.03%	9.24%	+4.79%
Volatility (6M) Calculated over the trailing 6-month period	33.29%	30.57%	+2.72%
Volatility (1Y) Calculated over the trailing 1-year period	45.19%	35.22%	+9.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.91%	34.45%	+14.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.91%	37.22%	+11.69%

AAPU vs. UGA - Expense Ratio Comparison

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

Dividends

AAPU vs. UGA - Dividend Comparison

AAPU's dividend yield for the trailing twelve months is around 7.79%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
AAPU Direxion Daily AAPL Bull 2X Shares	7.79%	8.66%	14.58%	2.32%	0.79%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AAPU and UGA in my portfolio?

AAPU and UGA have a correlation of -0.16, 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 UGA?

AAPU has higher volatility (14.03%) compared to UGA (9.24%). In terms of maximum drawdown, AAPU dropped -58.61% vs UGA's -86.59%.

Which ETF is better, AAPU or UGA?

On 3-year performance, AAPU leads with 19.25% vs 18.95% for UGA. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 9.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPU or UGA?

Over the 3-year period, AAPU has performed better with a 19.25% return vs 18.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPU or UGA?

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

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

AAPU has the higher dividend yield at 7.79%, compared with 0.00% for UGA.

What is the main difference between AAPU and UGA?

AAPU is categorized as Leveraged Equities, while UGA is Oil & Gas. AAPU tracks Apple Inc. (150%), while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Direxion and Concierge Technologies. Their fees differ too: 1.04% for AAPU and 0.75% for UGA.

Which has better risk-adjusted returns?

AAPU currently has the higher Sharpe Ratio (1.91 vs 1.73), 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.