AAPX vs. TSMG

Last updated Jun 25, 2026

AAPX (T-Rex 2X Long Apple Daily Target ETF) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, AAPX returned 82.26% vs 218.18% for TSMG. At a 0.26 correlation, their price movements are largely independent. AAPX charges 1.05%/yr vs 0.75%/yr for TSMG.

Performance

AAPX vs. TSMG - 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 Leverage Shares 2X Long TSM Daily ETF (TSMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPX achieves a 7.58% return, which is significantly lower than TSMG's 83.76% return.

AAPX

• 1D: -0.82%
• 1M: -11.09%
• YTD: 7.58%
• 6M: 6.15%
• 1Y: 82.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMG

• 1D: 1.87%
• 1M: 15.01%
• YTD: 83.76%
• 6M: 89.30%
• 1Y: 218.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAPX vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
AAPX T-Rex 2X Long Apple Daily Target ETF	7.58%	9.31%
TSMG Leverage Shares 2X Long TSM Daily ETF	83.76%	71.03%

Correlation

The correlation between AAPX and TSMG is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	0.26

Return for Risk

AAPX vs. TSMG — Risk / Return Rank

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

AAPX

AAPX Risk / Return Rank: 57
AAPX Sharpe Ratio Rank: 62
AAPX Sortino Ratio Rank: 59
AAPX Omega Ratio Rank: 57
AAPX Calmar Ratio Rank: 63
AAPX Martin Ratio Rank: 43

TSMG

TSMG Risk / Return Rank: 85
TSMG Sharpe Ratio Rank: 92
TSMG Sortino Ratio Rank: 75
TSMG Omega Ratio Rank: 71
TSMG Calmar Ratio Rank: 94
TSMG Martin Ratio Rank: 92

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. TSMG - 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 Leverage Shares 2X Long TSM Daily ETF (TSMG). 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	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	1.82	2.88	-1.06
Sortino ratio: Return per unit of downside risk	2.47	3.00	-0.52
Omega ratio: Gain probability vs. loss probability	1.31	1.37	-0.06
Calmar ratio: Return relative to maximum drawdown	2.75	6.22	-3.48
Martin ratio: Return relative to average drawdown	6.38	19.84	-13.46

AAPX vs. TSMG - Sharpe Ratio Comparison

The current AAPX Sharpe Ratio is 1.82, which is lower than the TSMG Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of AAPX and TSMG, 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. TSMG - Drawdown Comparison

The maximum AAPX drawdown since its inception was -58.55%, smaller than the maximum TSMG drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for AAPX and TSMG.

Drawdown Indicators

	AAPX	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-58.55%	-63.67%	+5.12%
Max Drawdown (1Y) Largest decline over 1 year	-30.12%	-35.29%	+5.17%
Current Drawdown Current decline from peak	-14.39%	-11.88%	-2.51%
Average Drawdown Average peak-to-trough decline	-19.16%	-16.63%	-2.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.93%	11.05%	+1.88%

Volatility

AAPX vs. TSMG - Volatility Comparison

The current volatility for T-Rex 2X Long Apple Daily Target ETF (AAPX) is 14.05%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 32.95%. This indicates that AAPX experiences smaller price fluctuations and is considered to be less risky than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPX	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.05%	32.95%	-18.90%
Volatility (6M) Calculated over the trailing 6-month period	33.55%	60.72%	-27.17%
Volatility (1Y) Calculated over the trailing 1-year period	45.55%	76.79%	-31.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.44%	83.11%	-28.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.44%	83.11%	-28.67%

AAPX vs. TSMG - Expense Ratio Comparison

AAPX has a 1.05% expense ratio, which is higher than TSMG's 0.75% expense ratio.

Dividends

AAPX vs. TSMG - Dividend Comparison

AAPX's dividend yield for the trailing twelve months is around 0.62%, less than TSMG's 6.25% yield.

Position	TTM	2025	2024
AAPX T-Rex 2X Long Apple Daily Target ETF	0.62%	0.67%	21.46%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.25%	11.48%	0.00%

Frequently Asked Questions

Can I hold both AAPX and TSMG in my portfolio?

AAPX and TSMG have a correlation of 0.23, 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 TSMG?

TSMG has higher volatility (32.95%) compared to AAPX (14.05%). In terms of maximum drawdown, AAPX dropped -58.55% vs TSMG's -63.67%.

Which ETF is better, AAPX or TSMG?

On 1-year performance, TSMG leads with 218.18% vs 82.26% for AAPX. On fees, TSMG is cheaper at 0.75% per year. On volatility, AAPX has been the lower-risk option at 14.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPX or TSMG?

Over the 1-year period, TSMG has performed better with a 218.18% return vs 82.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPX or TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 1.05% for AAPX.

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

TSMG has the higher dividend yield at 6.25%, compared with 0.62% for AAPX.

What is the main difference between AAPX and TSMG?

They also come from different issuers: T-Rex and Leverage Shares. Their fees differ too: 1.05% for AAPX and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (2.88 vs 1.82), 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.