AAPU vs. USL

Last updated Jun 4, 2026

AAPU (Direxion Daily AAPL Bull 2X Shares) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - AAPU is a Leveraged Equities fund tracking the Apple Inc. (150%), while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 3 years, AAPU returned 25.97%/yr vs 18.42%/yr for USL. At a 0.01 correlation, their price movements are largely independent. AAPU charges 1.04%/yr vs 0.88%/yr for USL.

Performance

AAPU vs. USL - 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 12 Month Oil Fund LP (USL). 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 lower than USL's 63.07% return.

AAPU

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

USL

• 1D: 1.55%
• 1M: -1.61%
• YTD: 63.07%
• 6M: 59.66%
• 1Y: 57.86%
• 3Y*: 18.42%
• 5Y*: 17.41%
• 10Y*: 10.91%

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

AAPU vs. USL - 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%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	-3.77%

Correlation

The correlation between AAPU and USL is -0.24, 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	-0.24
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022	0.01

The correlation between AAPU and USL shifts across timeframes, from -0.24 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

AAPU vs. USL - Sectors Allocation Comparison

Sectors	AAPU	USL
Technology	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	4.5%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

AAPU vs. USL — 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

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 59
USL Sortino Ratio Rank: 53
USL Omega Ratio Rank: 54
USL Calmar Ratio Rank: 69
USL Martin Ratio Rank: 43

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. USL - 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 12 Month Oil Fund LP (USL). 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	USL	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.04	+0.31
Sortino ratio: Return per unit of downside risk	3.00	2.58	+0.42
Omega ratio: Gain probability vs. loss probability	1.38	1.34	+0.04
Calmar ratio: Return relative to maximum drawdown	3.62	3.47	+0.15
Martin ratio: Return relative to average drawdown	8.72	7.02	+1.70
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. USL - Sharpe Ratio Comparison

The current AAPU Sharpe Ratio is 2.34, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of AAPU and USL, 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	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	2.04	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.58	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.01	+0.45

Drawdowns

AAPU vs. USL - Drawdown Comparison

The maximum AAPU drawdown since its inception was -58.61%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for AAPU and USL.

Drawdown Indicators

	AAPU	USL	Difference
Max Drawdown Largest peak-to-trough decline	-58.61%	-89.06%	+30.45%
Max Drawdown (1Y) Largest decline over 1 year	-28.90%	-16.76%	-12.14%
Max Drawdown (3Y) Largest decline over 3 years	-58.61%	-23.33%	-35.28%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.82%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-3.04%	-38.16%	+35.12%
Average Drawdown Average peak-to-trough decline	-17.69%	-61.46%	+43.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.98%	8.27%	+3.71%

Volatility

AAPU vs. USL - Volatility Comparison

Direxion Daily AAPL Bull 2X Shares (AAPU) and United States 12 Month Oil Fund LP (USL) have volatilities of 10.71% and 10.53%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPU	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.71%	10.53%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	31.79%	23.33%	+8.46%
Volatility (1Y) Calculated over the trailing 1-year period	44.66%	28.54%	+16.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.93%	30.08%	+18.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.93%	32.35%	+16.58%

AAPU vs. USL - Expense Ratio Comparison

AAPU has a 1.04% expense ratio, which is higher than USL's 0.88% expense ratio.

Dividends

AAPU vs. USL - Dividend Comparison

AAPU's dividend yield for the trailing twelve months is around 6.90%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
AAPU Direxion Daily AAPL Bull 2X Shares	6.90%	8.66%	14.58%	2.32%	0.79%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AAPU and USL in my portfolio?

AAPU and USL have a correlation of -0.24, 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 USL?

AAPU has higher volatility (10.71%) compared to USL (10.53%). In terms of maximum drawdown, AAPU dropped -58.61% vs USL's -89.06%.

Which ETF is better, AAPU or USL?

On 3-year performance, AAPU leads with 25.97% vs 18.42% for USL. On fees, USL is cheaper at 0.88% per year. On volatility, USL has been the lower-risk option at 10.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPU or USL?

Over the 3-year period, AAPU has performed better with a 25.97% return vs 18.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPU or USL?

USL is cheaper with a 0.88% expense ratio, compared with 1.04% for AAPU.

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

AAPU has the higher dividend yield at 6.90%, compared with 0.00% for USL.

What is the main difference between AAPU and USL?

AAPU is categorized as Leveraged Equities, while USL is Oil & Gas. AAPU tracks Apple Inc. (150%), while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Direxion and Concierge Technologies. Their fees differ too: 1.04% for AAPU and 0.88% for USL.

Which has better risk-adjusted returns?

AAPU currently has the higher Sharpe Ratio (2.34 vs 2.04), 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.