MSFL vs. APLY

Last updated Jun 23, 2026

MSFL (GraniteShares 2x Long MSFT Daily ETF) and APLY (YieldMax AAPL Option Income Strategy ETF) are both exchange-traded funds - MSFL is a Leveraged Equities fund actively managed by GraniteShares, while APLY is a Options Trading fund actively managed by YieldMax. Both are actively managed. Over the past year, MSFL returned -48.29% vs 32.56% for APLY. At a 0.29 correlation, their price movements are largely independent. MSFL charges 1.15%/yr vs 0.99%/yr for APLY.

Performance

MSFL vs. APLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long MSFT Daily ETF (MSFL) and YieldMax AAPL Option Income Strategy ETF (APLY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSFL achieves a -47.07% return, which is significantly lower than APLY's 4.64% return.

MSFL

• 1D: -6.13%
• 1M: -24.42%
• YTD: -47.07%
• 6M: -47.46%
• 1Y: -48.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

APLY

• 1D: -0.42%
• 1M: -3.89%
• YTD: 4.64%
• 6M: 4.81%
• 1Y: 32.56%
• 3Y*: 9.08%
• 5Y*: —
• 10Y*: —

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

MSFL vs. APLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSFL GraniteShares 2x Long MSFT Daily ETF	-47.07%	16.99%	-8.21%
APLY YieldMax AAPL Option Income Strategy ETF	4.64%	4.69%	28.18%

Correlation

The correlation between MSFL and APLY is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (All Time) Calculated using the full available price history since Mar 18, 2024	0.29

The correlation between MSFL and APLY shifts across timeframes, from 0.14 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MSFL vs. APLY — Risk / Return Rank

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

MSFL

MSFL Risk / Return Rank: 2
MSFL Sharpe Ratio Rank: 2
MSFL Sortino Ratio Rank: 2
MSFL Omega Ratio Rank: 2
MSFL Calmar Ratio Rank: 2
MSFL Martin Ratio Rank: 1

APLY

APLY Risk / Return Rank: 54
APLY Sharpe Ratio Rank: 56
APLY Sortino Ratio Rank: 54
APLY Omega Ratio Rank: 57
APLY Calmar Ratio Rank: 58
APLY 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.

MSFL vs. APLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MSFT Daily ETF (MSFL) and YieldMax AAPL Option Income Strategy ETF (APLY). 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.

	MSFL	APLY	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	1.82	-2.76
Sortino ratio: Return per unit of downside risk	-1.29	2.53	-3.82
Omega ratio: Gain probability vs. loss probability	0.83	1.34	-0.51
Calmar ratio: Return relative to maximum drawdown	-0.82	2.78	-3.60
Martin ratio: Return relative to average drawdown	-1.48	6.94	-8.43

MSFL vs. APLY - Sharpe Ratio Comparison

The current MSFL Sharpe Ratio is -0.93, which is lower than the APLY Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of MSFL and APLY, 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

MSFL vs. APLY - Drawdown Comparison

The maximum MSFL drawdown since its inception was -59.39%, which is greater than APLY's maximum drawdown of -30.41%. Use the drawdown chart below to compare losses from any high point for MSFL and APLY.

Drawdown Indicators

	MSFL	APLY	Difference
Max Drawdown Largest peak-to-trough decline	-59.39%	-30.41%	-28.98%
Max Drawdown (1Y) Largest decline over 1 year	-59.39%	-11.76%	-47.63%
Max Drawdown (3Y) Largest decline over 3 years	—	-30.41%	—
Current Drawdown Current decline from peak	-58.76%	-5.25%	-53.51%
Average Drawdown Average peak-to-trough decline	-22.18%	-6.88%	-15.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.63%	4.70%	+27.93%

Volatility

MSFL vs. APLY - Volatility Comparison

GraniteShares 2x Long MSFT Daily ETF (MSFL) has a higher volatility of 22.11% compared to YieldMax AAPL Option Income Strategy ETF (APLY) at 5.62%. This indicates that MSFL's price experiences larger fluctuations and is considered to be riskier than APLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSFL	APLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.11%	5.62%	+16.49%
Volatility (6M) Calculated over the trailing 6-month period	46.47%	13.48%	+32.99%
Volatility (1Y) Calculated over the trailing 1-year period	51.97%	17.99%	+33.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.94%	20.94%	+29.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.94%	20.94%	+29.00%

MSFL vs. APLY - Expense Ratio Comparison

MSFL has a 1.15% expense ratio, which is higher than APLY's 0.99% expense ratio.

Dividends

MSFL vs. APLY - Dividend Comparison

MSFL has not paid dividends to shareholders, while APLY's dividend yield for the trailing twelve months is around 36.34%.

Position	TTM	2025	2024	2023
APLY YieldMax AAPL Option Income Strategy ETF	36.34%	36.38%	24.95%	14.36%
MSFL GraniteShares 2x Long MSFT Daily ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSFL and APLY in my portfolio?

MSFL and APLY have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSFL or APLY?

MSFL has higher volatility (22.11%) compared to APLY (5.62%). In terms of maximum drawdown, MSFL dropped -59.39% vs APLY's -30.41%.

Which ETF is better, MSFL or APLY?

On 1-year performance, APLY leads with 32.56% vs -48.29% for MSFL. On fees, APLY is cheaper at 0.99% per year. On volatility, APLY has been the lower-risk option at 5.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFL or APLY?

Over the 1-year period, APLY has performed better with a 32.56% return vs -48.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFL or APLY?

APLY is cheaper with a 0.99% expense ratio, compared with 1.15% for MSFL.

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

APLY has the higher dividend yield at 36.34%, compared with 0.00% for MSFL.

What is the main difference between MSFL and APLY?

MSFL is categorized as Leveraged Equities, while APLY is Options Trading. They also come from different issuers: GraniteShares and YieldMax. Their fees differ too: 1.15% for MSFL and 0.99% for APLY.

Which has better risk-adjusted returns?

APLY currently has the higher Sharpe Ratio (1.82 vs -0.93), 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.