APLY vs. AAPU

Last updated Jun 24, 2026

APLY (YieldMax AAPL Option Income Strategy ETF) and AAPU (Direxion Daily AAPL Bull 2X Shares) are both exchange-traded funds - APLY is a Options Trading fund actively managed by YieldMax, while AAPU is a Leveraged Equities fund tracking the Apple Inc. (150%). APLY is actively managed, while AAPU is passively managed. Over the past 3 years, APLY returned 8.87%/yr vs 19.25%/yr for AAPU. Their correlation of 0.92 suggests significant overlap in exposure. APLY charges 0.99%/yr vs 1.04%/yr for AAPU.

Performance

APLY vs. AAPU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax AAPL Option Income Strategy ETF (APLY) and Direxion Daily AAPL Bull 2X Shares (AAPU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APLY achieves a 4.06% return, which is significantly lower than AAPU's 9.14% return.

APLY

• 1D: -0.56%
• 1M: -4.43%
• YTD: 4.06%
• 6M: 3.68%
• 1Y: 30.98%
• 3Y*: 8.87%
• 5Y*: —
• 10Y*: —

AAPU

• 1D: -2.33%
• 1M: -10.69%
• YTD: 9.14%
• 6M: 8.52%
• 1Y: 85.62%
• 3Y*: 19.25%
• 5Y*: —
• 10Y*: —

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

APLY vs. AAPU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APLY YieldMax AAPL Option Income Strategy ETF	4.06%	4.69%	18.62%	11.43%
AAPU Direxion Daily AAPL Bull 2X Shares	9.14%	-2.91%	58.45%	20.10%

Correlation

The correlation between APLY and AAPU is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (All Time) Calculated using the full available price history since Apr 18, 2023	0.92

The correlation between APLY and AAPU has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

APLY vs. AAPU — Risk / Return Rank

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

APLY

APLY Risk / Return Rank: 52
APLY Sharpe Ratio Rank: 53
APLY Sortino Ratio Rank: 52
APLY Omega Ratio Rank: 54
APLY Calmar Ratio Rank: 56
APLY Martin Ratio Rank: 43

AAPU

AAPU Risk / Return Rank: 56
AAPU Sharpe Ratio Rank: 60
AAPU Sortino Ratio Rank: 56
AAPU Omega Ratio Rank: 55
AAPU Calmar Ratio Rank: 63
AAPU Martin Ratio Rank: 44

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.

APLY vs. AAPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax AAPL Option Income Strategy ETF (APLY) and Direxion Daily AAPL Bull 2X Shares (AAPU). 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.

	APLY	AAPU	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.91	-0.17
Sortino ratio: Return per unit of downside risk	2.42	2.56	-0.14
Omega ratio: Gain probability vs. loss probability	1.33	1.33	0.00
Calmar ratio: Return relative to maximum drawdown	2.65	2.98	-0.33
Martin ratio: Return relative to average drawdown	6.59	7.03	-0.44

APLY vs. AAPU - Sharpe Ratio Comparison

The current APLY Sharpe Ratio is 1.73, which is comparable to the AAPU Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of APLY and AAPU, 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

APLY vs. AAPU - Drawdown Comparison

The maximum APLY drawdown since its inception was -30.41%, smaller than the maximum AAPU drawdown of -58.61%. Use the drawdown chart below to compare losses from any high point for APLY and AAPU.

Drawdown Indicators

	APLY	AAPU	Difference
Max Drawdown Largest peak-to-trough decline	-30.41%	-58.61%	+28.20%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-28.90%	+17.14%
Max Drawdown (3Y) Largest decline over 3 years	-30.41%	-58.61%	+28.20%
Current Drawdown Current decline from peak	-5.78%	-14.08%	+8.30%
Average Drawdown Average peak-to-trough decline	-6.88%	-17.59%	+10.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.71%	12.22%	-7.51%

Volatility

APLY vs. AAPU - Volatility Comparison

The current volatility for YieldMax AAPL Option Income Strategy ETF (APLY) is 5.60%, while Direxion Daily AAPL Bull 2X Shares (AAPU) has a volatility of 14.03%. This indicates that APLY experiences smaller price fluctuations and is considered to be less risky than AAPU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APLY	AAPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.60%	14.03%	-8.43%
Volatility (6M) Calculated over the trailing 6-month period	13.49%	33.29%	-19.80%
Volatility (1Y) Calculated over the trailing 1-year period	17.97%	45.19%	-27.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.93%	48.91%	-27.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.93%	48.91%	-27.98%

APLY vs. AAPU - Expense Ratio Comparison

APLY has a 0.99% expense ratio, which is lower than AAPU's 1.04% expense ratio.

Dividends

APLY vs. AAPU - Dividend Comparison

APLY's dividend yield for the trailing twelve months is around 36.54%, more than AAPU's 7.79% yield.

Position	TTM	2025	2024	2023	2022
AAPU Direxion Daily AAPL Bull 2X Shares	7.79%	8.66%	14.58%	2.32%	0.79%
APLY YieldMax AAPL Option Income Strategy ETF	36.54%	36.38%	24.95%	14.36%	0.00%

Frequently Asked Questions

Can I hold both APLY and AAPU in my portfolio?

With a correlation of 0.95, APLY and AAPU 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.

Which is riskier, APLY or AAPU?

AAPU has higher volatility (14.03%) compared to APLY (5.60%). In terms of maximum drawdown, APLY dropped -30.41% vs AAPU's -58.61%.

Which ETF is better, APLY or AAPU?

On 3-year performance, AAPU leads with 19.25% vs 8.87% for APLY. On fees, APLY is cheaper at 0.99% per year. On volatility, APLY has been the lower-risk option at 5.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APLY or AAPU?

Over the 3-year period, AAPU has performed better with a 19.25% return vs 8.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APLY or AAPU?

APLY is cheaper with a 0.99% expense ratio, compared with 1.04% for AAPU.

Which ETF pays a higher dividend yield, APLY or AAPU?

APLY has the higher dividend yield at 36.54%, compared with 7.79% for AAPU.

What is the main difference between APLY and AAPU?

APLY is categorized as Options Trading, while AAPU is Leveraged Equities. They also come from different issuers: YieldMax and Direxion. Their fees differ too: 0.99% for APLY and 1.04% for AAPU.

Which has better risk-adjusted returns?

AAPU currently has the higher Sharpe Ratio (1.91 vs 1.73), 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.