AAPX vs. AAPU

Last updated Jun 24, 2026

AAPX (T-Rex 2X Long Apple Daily Target ETF) and AAPU (Direxion Daily AAPL Bull 2X Shares) are both Leveraged Equities funds. AAPX is actively managed, while AAPU is passively managed. Over the past year, AAPX returned 81.26% vs 85.62% for AAPU. With a 0.99 correlation, they move nearly in lockstep. AAPX charges 1.05%/yr vs 1.04%/yr for AAPU.

Performance

AAPX vs. AAPU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Long Apple Daily Target ETF (AAPX) and Direxion Daily AAPL Bull 2X Shares (AAPU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPX achieves a 8.46% return, which is significantly lower than AAPU's 9.14% return.

AAPX

• 1D: -1.73%
• 1M: -10.36%
• YTD: 8.46%
• 6M: 7.98%
• 1Y: 81.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAPU

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

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

AAPX vs. AAPU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAPX T-Rex 2X Long Apple Daily Target ETF	8.46%	-4.95%	58.57%
AAPU Direxion Daily AAPL Bull 2X Shares	9.14%	-2.91%	67.36%

Correlation

The correlation between AAPX and AAPU is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.99

The correlation between AAPX and AAPU has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

AAPX vs. AAPU - Sectors Allocation Comparison

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

Return for Risk

AAPX vs. AAPU — Risk / Return Rank

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

AAPX

AAPX Risk / Return Rank: 52
AAPX Sharpe Ratio Rank: 56
AAPX Sortino Ratio Rank: 54
AAPX Omega Ratio Rank: 52
AAPX Calmar Ratio Rank: 58
AAPX Martin Ratio Rank: 42

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

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.

AAPX vs. AAPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Long Apple Daily Target ETF (AAPX) and Direxion Daily AAPL Bull 2X Shares (AAPU). 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.

	AAPX	AAPU	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.91	-0.11
Sortino ratio: Return per unit of downside risk	2.45	2.56	-0.11
Omega ratio: Gain probability vs. loss probability	1.31	1.33	-0.01
Calmar ratio: Return relative to maximum drawdown	2.71	2.98	-0.27
Martin ratio: Return relative to average drawdown	6.32	7.03	-0.71

AAPX vs. AAPU - Sharpe Ratio Comparison

The current AAPX Sharpe Ratio is 1.79, which is comparable to the AAPU Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of AAPX and AAPU, 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

AAPX vs. AAPU - Drawdown Comparison

The maximum AAPX drawdown since its inception was -58.55%, roughly equal to the maximum AAPU drawdown of -58.61%. Use the drawdown chart below to compare losses from any high point for AAPX and AAPU.

Drawdown Indicators

	AAPX	AAPU	Difference
Max Drawdown Largest peak-to-trough decline	-58.55%	-58.61%	+0.06%
Max Drawdown (1Y) Largest decline over 1 year	-30.12%	-28.90%	-1.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-58.61%	—
Current Drawdown Current decline from peak	-13.68%	-14.08%	+0.40%
Average Drawdown Average peak-to-trough decline	-19.16%	-17.59%	-1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.90%	12.22%	+0.68%

Volatility

AAPX vs. AAPU - Volatility Comparison

T-Rex 2X Long Apple Daily Target ETF (AAPX) and Direxion Daily AAPL Bull 2X Shares (AAPU) have volatilities of 14.33% and 14.03%, 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

	AAPX	AAPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.33%	14.03%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	33.57%	33.29%	+0.28%
Volatility (1Y) Calculated over the trailing 1-year period	45.54%	45.19%	+0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.49%	48.91%	+5.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.49%	48.91%	+5.58%

AAPX vs. AAPU - Expense Ratio Comparison

AAPX has a 1.05% expense ratio, which is higher than AAPU's 1.04% expense ratio.

Dividends

AAPX vs. AAPU - Dividend Comparison

AAPX's dividend yield for the trailing twelve months is around 0.61%, less than AAPU's 7.79% yield.

Position	TTM	2025	2024	2023	2022
AAPU Direxion Daily AAPL Bull 2X Shares	7.79%	8.66%	14.58%	2.32%	0.79%
AAPX T-Rex 2X Long Apple Daily Target ETF	0.61%	0.67%	21.46%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AAPX and AAPU in my portfolio?

With a correlation of 0.99, AAPX and AAPU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AAPX or AAPU?

AAPX has higher volatility (14.33%) compared to AAPU (14.03%). In terms of maximum drawdown, AAPX dropped -58.55% vs AAPU's -58.61%.

Which ETF is better, AAPX or AAPU?

On 1-year performance, AAPU leads with 85.62% vs 81.26% for AAPX. On fees, AAPU is cheaper at 1.04% 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, AAPX or AAPU?

Over the 1-year period, AAPU has performed better with a 85.62% return vs 81.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPX or AAPU?

AAPU is cheaper with a 1.04% expense ratio, compared with 1.05% for AAPX.

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

AAPU has the higher dividend yield at 7.79%, compared with 0.61% for AAPX.

What is the main difference between AAPX and AAPU?

They also come from different issuers: T-Rex and Direxion. Their fees differ too: 1.05% for AAPX and 1.04% for AAPU.

Which has better risk-adjusted returns?

AAPU currently has the higher Sharpe Ratio (1.91 vs 1.79), 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.