AAPX vs. USL

Last updated Jun 4, 2026

AAPX (T-Rex 2X Long Apple Daily Target ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - AAPX is a Leveraged Equities fund actively managed by T-Rex, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. AAPX is actively managed, while USL is passively managed. Over the past year, AAPX returned 97.74% vs 57.86% for USL. At a correlation of -0.03, they often move in opposite directions. AAPX charges 1.05%/yr vs 0.88%/yr for USL.

Performance

AAPX vs. USL - 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 United States 12 Month Oil Fund LP (USL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPX achieves a 21.23% return, which is significantly lower than USL's 63.07% return.

AAPX

• 1D: -3.52%
• 1M: 24.03%
• YTD: 21.23%
• 6M: 8.76%
• 1Y: 97.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USL

• 1D: 1.55%
• 1M: -1.61%
• YTD: 63.07%
• 6M: 59.66%
• 1Y: 57.86%
• 3Y*: 18.42%
• 5Y*: 17.41%
• 10Y*: 10.91%

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

AAPX vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAPX T-Rex 2X Long Apple Daily Target ETF	21.23%	-4.95%	56.69%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	7.11%

Correlation

The correlation between AAPX and USL is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	-0.03

Over the past year, the inverse relationship between AAPX and USL has strengthened: their correlation has moved from -0.03 to -0.24, meaning they now move in opposite directions more often than their long-term average.

AAPX vs. USL - Sectors Allocation Comparison

Sectors	AAPX	USL
Technology	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	4.5%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

AAPX vs. USL — Risk / Return Rank

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

AAPX

AAPX Risk / Return Rank: 59
AAPX Sharpe Ratio Rank: 64
AAPX Sortino Ratio Rank: 60
AAPX Omega Ratio Rank: 58
AAPX Calmar Ratio Rank: 65
AAPX Martin Ratio Rank: 47

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 59
USL Sortino Ratio Rank: 53
USL Omega Ratio Rank: 54
USL Calmar Ratio Rank: 69
USL Martin Ratio Rank: 43

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. USL - 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 United States 12 Month Oil Fund LP (USL). 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.

	AAPX	USL	Difference
Sharpe ratio: Return per unit of total volatility	2.19	2.04	+0.15
Sortino ratio: Return per unit of downside risk	2.85	2.58	+0.27
Omega ratio: Gain probability vs. loss probability	1.36	1.34	+0.02
Calmar ratio: Return relative to maximum drawdown	3.26	3.47	-0.21
Martin ratio: Return relative to average drawdown	7.75	7.02	+0.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAPX vs. USL - Sharpe Ratio Comparison

The current AAPX Sharpe Ratio is 2.19, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of AAPX and USL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AAPX	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	2.04	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.58	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.01	+0.51

Drawdowns

AAPX vs. USL - Drawdown Comparison

The maximum AAPX drawdown since its inception was -58.55%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for AAPX and USL.

Drawdown Indicators

	AAPX	USL	Difference
Max Drawdown Largest peak-to-trough decline	-58.55%	-89.06%	+30.51%
Max Drawdown (1Y) Largest decline over 1 year	-30.12%	-16.76%	-13.36%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.33%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.82%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-3.52%	-38.16%	+34.64%
Average Drawdown Average peak-to-trough decline	-19.36%	-61.46%	+42.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.66%	8.27%	+4.39%

Volatility

AAPX vs. USL - Volatility Comparison

T-Rex 2X Long Apple Daily Target ETF (AAPX) has a higher volatility of 11.21% compared to United States 12 Month Oil Fund LP (USL) at 10.53%. This indicates that AAPX's price experiences larger fluctuations and is considered to be riskier than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPX	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.21%	10.53%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	32.05%	23.33%	+8.72%
Volatility (1Y) Calculated over the trailing 1-year period	44.99%	28.54%	+16.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.62%	30.08%	+24.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.62%	32.35%	+22.27%

AAPX vs. USL - Expense Ratio Comparison

AAPX has a 1.05% expense ratio, which is higher than USL's 0.88% expense ratio.

Dividends

AAPX vs. USL - Dividend Comparison

AAPX's dividend yield for the trailing twelve months is around 0.55%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024
AAPX T-Rex 2X Long Apple Daily Target ETF	0.55%	0.67%	21.46%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AAPX and USL in my portfolio?

AAPX and USL have a correlation of -0.24, 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 USL?

AAPX has higher volatility (11.21%) compared to USL (10.53%). In terms of maximum drawdown, AAPX dropped -58.55% vs USL's -89.06%.

Which ETF is better, AAPX or USL?

On 1-year performance, AAPX leads with 97.74% vs 57.86% for USL. On fees, USL is cheaper at 0.88% per year. On volatility, USL has been the lower-risk option at 10.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPX or USL?

Over the 1-year period, AAPX has performed better with a 97.74% return vs 57.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPX or USL?

USL is cheaper with a 0.88% expense ratio, compared with 1.05% for AAPX.

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

AAPX has the higher dividend yield at 0.55%, compared with 0.00% for USL.

What is the main difference between AAPX and USL?

AAPX is categorized as Leveraged Equities, while USL is Oil & Gas. They also come from different issuers: T-Rex and Concierge Technologies. Their fees differ too: 1.05% for AAPX and 0.88% for USL.

Which has better risk-adjusted returns?

AAPX currently has the higher Sharpe Ratio (2.19 vs 2.04), 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.