AAPU vs. WNTR

Last updated Jul 15, 2026

AAPU (Direxion Daily AAPL Bull 2X Shares) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - AAPU is a Leveraged Equities fund tracking the Apple Inc. (200%), while WNTR is a Derivative Income fund actively managed by YieldMax. AAPU is passively managed, while WNTR is actively managed. Over the past year, AAPU returned 98.39% vs 119.74% for WNTR. At a correlation of -0.24, they often move in opposite directions. AAPU charges 0.96%/yr vs 1.01%/yr for WNTR.

Performance

AAPU vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AAPL Bull 2X Shares (AAPU) and YieldMax Short MSTR Option Income Strategy ETF (WNTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPU achieves a 24.03% return, which is significantly higher than WNTR's 5.96% return.

AAPU

• 1D: -1.65%
• 1M: 15.11%
• 6M: 35.05%
• YTD: 24.03%
• 1Y: 98.39%
• 3Y*: 23.34%
• 5Y*: —
• 10Y*: —

WNTR

• 1D: -3.79%
• 1M: 13.60%
• 6M: 16.72%
• YTD: 5.96%
• 1Y: 119.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAPU vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
AAPU Direxion Daily AAPL Bull 2X Shares	24.03%	29.57%
WNTR YieldMax Short MSTR Option Income Strategy ETF	5.96%	52.78%

Correlation

The correlation between AAPU and WNTR is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.24

Return for Risk

AAPU vs. WNTR — Risk / Return Rank

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

AAPU

AAPU Risk / Return Rank: 74
AAPU Sharpe Ratio Rank: 81
AAPU Sortino Ratio Rank: 74
AAPU Omega Ratio Rank: 75
AAPU Calmar Ratio Rank: 81
AAPU Martin Ratio Rank: 56

WNTR

WNTR Risk / Return Rank: 70
WNTR Sharpe Ratio Rank: 87
WNTR Sortino Ratio Rank: 67
WNTR Omega Ratio Rank: 72
WNTR Calmar Ratio Rank: 71
WNTR Martin Ratio Rank: 53

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. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AAPL Bull 2X Shares (AAPU) and YieldMax Short MSTR Option Income Strategy ETF (WNTR). 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	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.24	-0.18
Sortino ratio: Return per unit of downside risk	2.64	2.46	+0.18
Omega ratio: Gain probability vs. loss probability	1.35	1.34	+0.01
Calmar ratio: Return relative to maximum drawdown	3.42	2.82	+0.60
Martin ratio: Return relative to average drawdown	7.86	7.24	+0.61

AAPU vs. WNTR - Sharpe Ratio Comparison

The current AAPU Sharpe Ratio is 2.06, which is comparable to the WNTR Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of AAPU and WNTR, 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. WNTR - Drawdown Comparison

The maximum AAPU drawdown since its inception was -58.61%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for AAPU and WNTR.

Drawdown Indicators

	AAPU	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-58.61%	-42.65%	-15.96%
Max Drawdown (1Y) Largest decline over 1 year	-28.90%	-42.65%	+13.75%
Max Drawdown (3Y) Largest decline over 3 years	-58.61%	—	—
Current Drawdown Current decline from peak	-2.35%	-13.55%	+11.20%
Average Drawdown Average peak-to-trough decline	-17.48%	-20.51%	+3.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.57%	16.60%	-4.03%

Volatility

AAPU vs. WNTR - Volatility Comparison

Direxion Daily AAPL Bull 2X Shares (AAPU) and YieldMax Short MSTR Option Income Strategy ETF (WNTR) have volatilities of 19.69% and 19.07%, 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	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.69%	19.07%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	37.48%	47.38%	-9.90%
Volatility (1Y) Calculated over the trailing 1-year period	48.02%	53.89%	-5.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.40%	53.60%	-4.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.40%	53.60%	-4.20%

AAPU vs. WNTR - Expense Ratio Comparison

AAPU has a 0.96% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

AAPU vs. WNTR - Dividend Comparison

AAPU's dividend yield for the trailing twelve months is around 7.22%, less than WNTR's 106.17% yield.

Position	TTM	2025	2024	2023	2022
AAPU Direxion Daily AAPL Bull 2X Shares	7.22%	8.66%	14.58%	2.32%	0.79%
WNTR YieldMax Short MSTR Option Income Strategy ETF	106.17%	58.56%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AAPU and WNTR in my portfolio?

AAPU and WNTR have a correlation of -0.19, 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 WNTR?

AAPU has higher volatility (19.69%) compared to WNTR (19.07%). In terms of maximum drawdown, AAPU dropped -58.61% vs WNTR's -42.65%.

Which ETF is better, AAPU or WNTR?

On 1-year performance, WNTR leads with 119.74% vs 98.39% for AAPU. On fees, AAPU is cheaper at 0.96% per year. On volatility, WNTR has been the lower-risk option at 19.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPU or WNTR?

Over the 1-year period, WNTR has performed better with a 119.74% return vs 98.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPU or WNTR?

AAPU is cheaper with a 0.96% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 106.17%, compared with 7.22% for AAPU.

What is the main difference between AAPU and WNTR?

AAPU is categorized as Leveraged Equities, while WNTR is Derivative Income. They also come from different issuers: Direxion and YieldMax. Their fees differ too: 0.96% for AAPU and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.24 vs 2.06), 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.