AAPY.L vs. AAPI.L
AAPY.L (IncomeShares Apple (AAPL) Options ETP) and AAPI.L (IncomeShares Apple (AAPL) Options ETP GBP) are both Derivative Income funds from Leverage Shares. Both are actively managed. Over the past year, AAPY.L returned 15.08% vs 14.81% for AAPI.L. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.55% expense ratio.
Performance
AAPY.L vs. AAPI.L - Performance Comparison
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Different Trading Currencies
AAPY.L is traded in USD, while AAPI.L is traded in GBp. To make them comparable, the AAPI.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, AAPY.L achieves a 0.67% return, which is significantly higher than AAPI.L's 0.52% return.
AAPY.L
- 1D
- 0.00%
- 1M
- -3.07%
- YTD
- 0.67%
- 6M
- 1.01%
- 1Y
- 15.08%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
AAPI.L
- 1D
- 0.00%
- 1M
- -3.21%
- YTD
- 0.52%
- 6M
- 0.93%
- 1Y
- 14.81%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
AAPY.L vs. AAPI.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AAPY.L IncomeShares Apple (AAPL) Options ETP | 0.67% | -6.59% | 12.14% |
AAPI.L IncomeShares Apple (AAPL) Options ETP GBP | 0.52% | -6.39% | 12.45% |
Correlation
The correlation between AAPY.L and AAPI.L is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Oct 14, 2024 | 0.93 |
The correlation between AAPY.L and AAPI.L has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.
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Return for Risk
AAPY.L vs. AAPI.L — Risk / Return Rank
AAPY.L
AAPI.L
AAPY.L vs. AAPI.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IncomeShares Apple (AAPL) Options ETP (AAPY.L) and IncomeShares Apple (AAPL) Options ETP GBP (AAPI.L). 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.
| AAPY.L | AAPI.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.18 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.80 | 0.41 | +0.39 |
| Martin ratioReturn relative to average drawdown | 2.01 | 0.66 | +1.35 |
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Drawdowns
AAPY.L vs. AAPI.L - Drawdown Comparison
The maximum AAPY.L drawdown since its inception was -30.25%, smaller than the maximum AAPI.L drawdown of -36.20%. Use the drawdown chart below to compare losses from any high point for AAPY.L and AAPI.L.
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Drawdown Indicators
| AAPY.L | AAPI.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.25% | -36.20% | +5.95% |
Max Drawdown (1Y)Largest decline over 1 year | -18.86% | -36.20% | +17.34% |
Current DrawdownCurrent decline from peak | -6.72% | -24.30% | +17.58% |
Average DrawdownAverage peak-to-trough decline | -10.86% | -17.31% | +6.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.50% | 22.60% | -15.10% |
Volatility
AAPY.L vs. AAPI.L - Volatility Comparison
IncomeShares Apple (AAPL) Options ETP (AAPY.L) and IncomeShares Apple (AAPL) Options ETP GBP (AAPI.L) have volatilities of 8.22% and 7.92%, 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.
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Volatility by Period
| AAPY.L | AAPI.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.22% | 7.92% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 16.15% | 15.54% | +0.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.14% | 46.86% | -25.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.67% | 40.41% | -15.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.67% | 40.41% | -15.74% |
AAPY.L vs. AAPI.L - Expense Ratio Comparison
Both AAPY.L and AAPI.L have an expense ratio of 0.55%.
Dividends
AAPY.L vs. AAPI.L - Dividend Comparison
AAPY.L's dividend yield for the trailing twelve months is around 11.42%, more than AAPI.L's 11.20% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
AAPI.L IncomeShares Apple (AAPL) Options ETP GBP | 11.20% | 11.04% | 1.04% |
AAPY.L IncomeShares Apple (AAPL) Options ETP | 11.42% | 10.77% | 1.08% |
Frequently Asked Questions
With a correlation of 0.90, AAPY.L and AAPI.L 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.
Both ETFs have the same 0.55% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
AAPY.L and AAPI.L have the same expense ratio: 0.55% per year.
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