FBL vs. AAPU

Last updated Jun 3, 2026

FBL (GraniteShares 2x Long META Daily ETF) and AAPU (Direxion Daily AAPL Bull 2X Shares) are both Leveraged Equities funds. FBL is actively managed, while AAPU is passively managed. Over the past 3 years, FBL returned 29.68%/yr vs 27.28%/yr for AAPU. At a 0.35 correlation, their price movements are largely independent. FBL charges 1.15%/yr vs 1.04%/yr for AAPU.

Performance

FBL vs. AAPU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long META Daily ETF (FBL) 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, FBL achieves a -25.99% return, which is significantly lower than AAPU's 27.02% return.

FBL

• 1D: -1.07%
• 1M: -4.94%
• YTD: -25.99%
• 6M: -23.80%
• 1Y: -36.08%
• 3Y*: 29.68%
• 5Y*: —
• 10Y*: —

AAPU

• 1D: 5.79%
• 1M: 25.64%
• YTD: 27.02%
• 6M: 13.60%
• 1Y: 113.74%
• 3Y*: 27.28%
• 5Y*: —
• 10Y*: —

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

FBL vs. AAPU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FBL GraniteShares 2x Long META Daily ETF	-25.99%	0.50%	112.72%	341.59%	-1.22%
AAPU Direxion Daily AAPL Bull 2X Shares	27.02%	-2.91%	58.45%	68.66%	-16.25%

Correlation

The correlation between FBL and AAPU 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 (3Y) Calculated over the trailing 3-year period	0.32
Correlation (All Time) Calculated using the full available price history since Dec 14, 2022	0.35

The correlation between FBL and AAPU shifts across timeframes, from 0.23 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.

FBL vs. AAPU - Sectors Allocation Comparison

Sectors	FBL	AAPU
Communication Services	66.7%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	100.0%
Utilities	-	-

Return for Risk

FBL vs. AAPU — Risk / Return Rank

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

FBL

FBL Risk / Return Rank: 4
FBL Sharpe Ratio Rank: 4
FBL Sortino Ratio Rank: 5
FBL Omega Ratio Rank: 5
FBL Calmar Ratio Rank: 4
FBL Martin Ratio Rank: 4

AAPU

AAPU Risk / Return Rank: 69
AAPU Sharpe Ratio Rank: 78
AAPU Sortino Ratio Rank: 69
AAPU Omega Ratio Rank: 67
AAPU Calmar Ratio Rank: 78
AAPU Martin Ratio Rank: 55

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.

FBL vs. AAPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long META Daily ETF (FBL) 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.

	FBL	AAPU	Difference
Sharpe ratio Return per unit of total volatility	-0.52	2.57	-3.09
Sortino ratio Return per unit of downside risk	-0.42	3.19	-3.60
Omega ratio Gain probability vs. loss probability	0.95	1.41	-0.46
Calmar ratio Return relative to maximum drawdown	-0.51	4.01	-4.52
Martin ratio Return relative to average drawdown	-0.96	9.68	-10.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FBL vs. AAPU - Sharpe Ratio Comparison

The current FBL Sharpe Ratio is -0.52, which is lower than the AAPU Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of FBL 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.

Sharpe Ratios by Period

	FBL	AAPU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	2.57	-3.09
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	0.48	+0.58

Drawdowns

FBL vs. AAPU - Drawdown Comparison

The maximum FBL drawdown since its inception was -61.15%, roughly equal to the maximum AAPU drawdown of -58.61%. Use the drawdown chart below to compare losses from any high point for FBL and AAPU.

Drawdown Indicators

	FBL	AAPU	Difference
Max Drawdown Largest peak-to-trough decline	-61.15%	-58.61%	-2.54%
Max Drawdown (1Y) Largest decline over 1 year	-61.03%	-28.90%	-32.13%
Max Drawdown (3Y) Largest decline over 3 years	-61.15%	-58.61%	-2.54%
Current Drawdown Current decline from peak	-52.04%	0.00%	-52.04%
Average Drawdown Average peak-to-trough decline	-16.38%	-17.71%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.62%	11.98%	+20.64%

Volatility

FBL vs. AAPU - Volatility Comparison

GraniteShares 2x Long META Daily ETF (FBL) has a higher volatility of 15.51% compared to Direxion Daily AAPL Bull 2X Shares (AAPU) at 10.46%. This indicates that FBL's price experiences larger fluctuations and is considered to be riskier than AAPU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBL	AAPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.51%	10.46%	+5.05%
Volatility (6M) Calculated over the trailing 6-month period	52.53%	31.77%	+20.76%
Volatility (1Y) Calculated over the trailing 1-year period	70.31%	44.54%	+25.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.96%	48.93%	+22.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.96%	48.93%	+22.03%

FBL vs. AAPU - Expense Ratio Comparison

FBL has a 1.15% expense ratio, which is higher than AAPU's 1.04% expense ratio.

Dividends

FBL vs. AAPU - Dividend Comparison

FBL's dividend yield for the trailing twelve months is around 2.80%, less than AAPU's 6.69% yield.

Position	TTM	2025	2024	2023	2022
AAPU Direxion Daily AAPL Bull 2X Shares	6.69%	8.66%	14.58%	2.32%	0.79%
FBL GraniteShares 2x Long META Daily ETF	2.80%	2.07%	0.00%	51.58%	0.00%

Frequently Asked Questions

Can I hold both FBL and AAPU in my portfolio?

FBL and AAPU 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, FBL or AAPU?

FBL has higher volatility (15.51%) compared to AAPU (10.46%). In terms of maximum drawdown, FBL dropped -61.15% vs AAPU's -58.61%.

Which ETF is better, FBL or AAPU?

On 3-year performance, FBL leads with 29.68% vs 27.28% for AAPU. On fees, AAPU is cheaper at 1.04% per year. On volatility, AAPU has been the lower-risk option at 10.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBL or AAPU?

Over the 3-year period, FBL has performed better with a 29.68% return vs 27.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBL or AAPU?

AAPU is cheaper with a 1.04% expense ratio, compared with 1.15% for FBL.

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

AAPU has the higher dividend yield at 6.69%, compared with 2.80% for FBL.

What is the main difference between FBL and AAPU?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.15% for FBL and 1.04% for AAPU.

Which has better risk-adjusted returns?

AAPU currently has the higher Sharpe Ratio (2.57 vs -0.52), 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.