AAPX vs. SPXL

Last updated Jun 23, 2026

AAPX (T-Rex 2X Long Apple Daily Target ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds. AAPX is actively managed, while SPXL is passively managed. Over the past year, AAPX returned 85.62% vs 75.56% for SPXL. A 0.53 correlation means they provide meaningful diversification when combined. AAPX charges 1.05%/yr vs 0.84%/yr for SPXL.

Performance

AAPX vs. SPXL - 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 S&P 500 Bull 3X ETF (SPXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPX achieves a 10.38% return, which is significantly lower than SPXL's 22.70% return.

AAPX

• 1D: -0.93%
• 1M: -8.78%
• YTD: 10.38%
• 6M: 9.85%
• 1Y: 85.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXL

• 1D: -0.94%
• 1M: -1.11%
• YTD: 22.70%
• 6M: 20.82%
• 1Y: 75.56%
• 3Y*: 48.64%
• 5Y*: 22.24%
• 10Y*: 30.87%

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

AAPX vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAPX T-Rex 2X Long Apple Daily Target ETF	10.38%	-4.95%	58.57%
SPXL Direxion Daily S&P 500 Bull 3X ETF	22.70%	31.94%	63.03%

Correlation

The correlation between AAPX and SPXL is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.53

The correlation between AAPX and SPXL has been stable across timeframes, ranging from 0.48 to 0.53 - a consistent structural relationship.

AAPX vs. SPXL - Sectors Allocation Comparison

Sectors	AAPX	SPXL
Technology	100.0%	39.0%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Financial Services	-	11.1%
Healthcare	-	8.3%
Industrials	-	7.8%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

AAPX vs. SPXL — Risk / Return Rank

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

AAPX

AAPX Risk / Return Rank: 54
AAPX Sharpe Ratio Rank: 58
AAPX Sortino Ratio Rank: 54
AAPX Omega Ratio Rank: 54
AAPX Calmar Ratio Rank: 60
AAPX Martin Ratio Rank: 42

SPXL

SPXL Risk / Return Rank: 59
SPXL Sharpe Ratio Rank: 64
SPXL Sortino Ratio Rank: 53
SPXL Omega Ratio Rank: 55
SPXL Calmar Ratio Rank: 59
SPXL Martin Ratio Rank: 65

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. SPXL - 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 S&P 500 Bull 3X ETF (SPXL). 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	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.05	-0.15
Sortino ratio: Return per unit of downside risk	2.54	2.49	+0.05
Omega ratio: Gain probability vs. loss probability	1.32	1.33	-0.01
Calmar ratio: Return relative to maximum drawdown	2.86	2.84	+0.02
Martin ratio: Return relative to average drawdown	6.67	11.62	-4.95

AAPX vs. SPXL - Sharpe Ratio Comparison

The current AAPX Sharpe Ratio is 1.89, which is comparable to the SPXL Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of AAPX and SPXL, 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. SPXL - Drawdown Comparison

The maximum AAPX drawdown since its inception was -58.55%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for AAPX and SPXL.

Drawdown Indicators

	AAPX	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-58.55%	-76.86%	+18.31%
Max Drawdown (1Y) Largest decline over 1 year	-30.12%	-26.77%	-3.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-48.95%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-63.80%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-76.86%	—
Current Drawdown Current decline from peak	-12.16%	-6.24%	-5.92%
Average Drawdown Average peak-to-trough decline	-19.17%	-16.10%	-3.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.87%	6.52%	+6.35%

Volatility

AAPX vs. SPXL - Volatility Comparison

T-Rex 2X Long Apple Daily Target ETF (AAPX) and Direxion Daily S&P 500 Bull 3X ETF (SPXL) have volatilities of 14.48% and 13.99%, 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	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.48%	13.99%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	33.52%	29.23%	+4.29%
Volatility (1Y) Calculated over the trailing 1-year period	45.59%	37.20%	+8.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.52%	50.50%	+4.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.52%	53.56%	+0.96%

AAPX vs. SPXL - Expense Ratio Comparison

AAPX has a 1.05% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

AAPX vs. SPXL - Dividend Comparison

AAPX's dividend yield for the trailing twelve months is around 0.60%, more than SPXL's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AAPX T-Rex 2X Long Apple Daily Target ETF	0.60%	0.67%	21.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.55%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

Frequently Asked Questions

Can I hold both AAPX and SPXL in my portfolio?

AAPX and SPXL have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAPX or SPXL?

AAPX has higher volatility (14.48%) compared to SPXL (13.99%). In terms of maximum drawdown, AAPX dropped -58.55% vs SPXL's -76.86%.

Which ETF is better, AAPX or SPXL?

On 1-year performance, AAPX leads with 85.62% vs 75.56% for SPXL. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 13.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPX or SPXL?

Over the 1-year period, AAPX has performed better with a 85.62% return vs 75.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPX or SPXL?

SPXL is cheaper with a 0.84% expense ratio, compared with 1.05% for AAPX.

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

AAPX has the higher dividend yield at 0.60%, compared with 0.55% for SPXL.

What is the main difference between AAPX and SPXL?

They also come from different issuers: T-Rex and Direxion. Their fees differ too: 1.05% for AAPX and 0.84% for SPXL.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (2.05 vs 1.89), 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.