AAPX vs. UPRO

Last updated Jun 23, 2026

AAPX (T-Rex 2X Long Apple Daily Target ETF) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds. AAPX is actively managed, while UPRO is passively managed. Over the past year, AAPX returned 85.62% vs 74.57% for UPRO. A 0.53 correlation means they provide meaningful diversification when combined. AAPX charges 1.05%/yr vs 0.89%/yr for UPRO.

Performance

AAPX vs. UPRO - 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 ProShares UltraPro S&P 500 (UPRO). 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 UPRO's 22.44% return.

AAPX

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

UPRO

• 1D: -0.97%
• 1M: -1.16%
• YTD: 22.44%
• 6M: 20.56%
• 1Y: 74.57%
• 3Y*: 48.38%
• 5Y*: 21.85%
• 10Y*: 30.75%

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

AAPX vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAPX T-Rex 2X Long Apple Daily Target ETF	10.38%	-4.95%	58.57%
UPRO ProShares UltraPro S&P 500	22.44%	31.88%	63.00%

Correlation

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

AAPX vs. UPRO - Sectors Allocation Comparison

Sectors	AAPX	UPRO
Technology	100.0%	39.1%
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. UPRO — 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

UPRO

UPRO Risk / Return Rank: 59
UPRO Sharpe Ratio Rank: 63
UPRO Sortino Ratio Rank: 53
UPRO Omega Ratio Rank: 55
UPRO Calmar Ratio Rank: 58
UPRO 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. UPRO - 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 ProShares UltraPro S&P 500 (UPRO). 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	UPRO	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.02	-0.13
Sortino ratio: Return per unit of downside risk	2.54	2.47	+0.07
Omega ratio: Gain probability vs. loss probability	1.32	1.33	0.00
Calmar ratio: Return relative to maximum drawdown	2.86	2.80	+0.06
Martin ratio: Return relative to average drawdown	6.67	11.45	-4.78

AAPX vs. UPRO - Sharpe Ratio Comparison

The current AAPX Sharpe Ratio is 1.89, which is comparable to the UPRO Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of AAPX and UPRO, 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. UPRO - Drawdown Comparison

The maximum AAPX drawdown since its inception was -58.55%, smaller than the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for AAPX and UPRO.

Drawdown Indicators

	AAPX	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-58.55%	-76.82%	+18.27%
Max Drawdown (1Y) Largest decline over 1 year	-30.12%	-26.78%	-3.34%
Max Drawdown (3Y) Largest decline over 3 years	—	-48.87%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-63.94%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-76.82%	—
Current Drawdown Current decline from peak	-12.16%	-6.26%	-5.90%
Average Drawdown Average peak-to-trough decline	-19.17%	-14.39%	-4.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.87%	6.53%	+6.34%

Volatility

AAPX vs. UPRO - Volatility Comparison

T-Rex 2X Long Apple Daily Target ETF (AAPX) and ProShares UltraPro S&P 500 (UPRO) have volatilities of 14.48% 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	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.48%	14.03%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	33.52%	29.21%	+4.31%
Volatility (1Y) Calculated over the trailing 1-year period	45.59%	37.15%	+8.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.52%	50.59%	+3.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.52%	53.89%	+0.63%

AAPX vs. UPRO - Expense Ratio Comparison

AAPX has a 1.05% expense ratio, which is higher than UPRO's 0.89% expense ratio.

Dividends

AAPX vs. UPRO - Dividend Comparison

AAPX's dividend yield for the trailing twelve months is around 0.60%, less than UPRO's 0.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
UPRO ProShares UltraPro S&P 500	0.71%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%

Frequently Asked Questions

Can I hold both AAPX and UPRO in my portfolio?

AAPX and UPRO 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 UPRO?

AAPX has higher volatility (14.48%) compared to UPRO (14.03%). In terms of maximum drawdown, AAPX dropped -58.55% vs UPRO's -76.82%.

Which ETF is better, AAPX or UPRO?

On 1-year performance, AAPX leads with 85.62% vs 74.57% for UPRO. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO 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 UPRO?

Over the 1-year period, AAPX has performed better with a 85.62% return vs 74.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPX or UPRO?

UPRO is cheaper with a 0.89% expense ratio, compared with 1.05% for AAPX.

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

UPRO has the higher dividend yield at 0.71%, compared with 0.60% for AAPX.

What is the main difference between AAPX and UPRO?

They also come from different issuers: T-Rex and ProShares. Their fees differ too: 1.05% for AAPX and 0.89% for UPRO.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (2.02 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.