MSFU vs. APLY

Last updated Jun 24, 2026

MSFU (Direxion Daily MSFT Bull 2X Shares) and APLY (YieldMax AAPL Option Income Strategy ETF) are both exchange-traded funds - MSFU is a Leveraged Equities fund tracking the Microsoft Corporation (150%), while APLY is a Options Trading fund actively managed by YieldMax. MSFU is passively managed, while APLY is actively managed. Over the past 3 years, MSFU returned -9.21%/yr vs 8.87%/yr for APLY. At a 0.35 correlation, their price movements are largely independent. MSFU charges 1.04%/yr vs 0.99%/yr for APLY.

Performance

MSFU vs. APLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MSFT Bull 2X Shares (MSFU) 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, MSFU achieves a -45.68% return, which is significantly lower than APLY's 4.06% return.

MSFU

• 1D: 2.99%
• 1M: -22.25%
• YTD: -45.68%
• 6M: -46.49%
• 1Y: -49.63%
• 3Y*: -9.21%
• 5Y*: —
• 10Y*: —

APLY

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

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

MSFU vs. APLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MSFU Direxion Daily MSFT Bull 2X Shares	-45.68%	13.36%	5.80%	41.70%
APLY YieldMax AAPL Option Income Strategy ETF	4.06%	4.69%	18.62%	11.43%

Correlation

The correlation between MSFU and APLY is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (All Time) Calculated using the full available price history since Apr 18, 2023	0.35

Over the past year, the correlation between MSFU and APLY has dropped to 0.13 - well below their long-term average of 0.35, suggesting their price drivers have been diverging.

Return for Risk

MSFU vs. APLY — Risk / Return Rank

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

MSFU

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

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

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.

MSFU vs. APLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bull 2X Shares (MSFU) 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.

	MSFU	APLY	Difference
Sharpe ratio: Return per unit of total volatility	-0.96	1.73	-2.69
Sortino ratio: Return per unit of downside risk	-1.36	2.42	-3.78
Omega ratio: Gain probability vs. loss probability	0.83	1.33	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.83	2.65	-3.48
Martin ratio: Return relative to average drawdown	-1.50	6.59	-8.09

MSFU vs. APLY - Sharpe Ratio Comparison

The current MSFU Sharpe Ratio is -0.96, which is lower than the APLY Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of MSFU 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

MSFU vs. APLY - Drawdown Comparison

The maximum MSFU drawdown since its inception was -59.83%, which is greater than APLY's maximum drawdown of -30.41%. Use the drawdown chart below to compare losses from any high point for MSFU and APLY.

Drawdown Indicators

	MSFU	APLY	Difference
Max Drawdown Largest peak-to-trough decline	-59.83%	-30.41%	-29.42%
Max Drawdown (1Y) Largest decline over 1 year	-59.83%	-11.76%	-48.07%
Max Drawdown (3Y) Largest decline over 3 years	-59.83%	-30.41%	-29.42%
Current Drawdown Current decline from peak	-57.95%	-5.78%	-52.17%
Average Drawdown Average peak-to-trough decline	-16.98%	-6.88%	-10.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.19%	4.71%	+28.48%

Volatility

MSFU vs. APLY - Volatility Comparison

Direxion Daily MSFT Bull 2X Shares (MSFU) has a higher volatility of 22.49% compared to YieldMax AAPL Option Income Strategy ETF (APLY) at 5.60%. This indicates that MSFU'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

	MSFU	APLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.49%	5.60%	+16.89%
Volatility (6M) Calculated over the trailing 6-month period	46.49%	13.49%	+33.00%
Volatility (1Y) Calculated over the trailing 1-year period	51.94%	17.97%	+33.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.60%	20.93%	+25.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.60%	20.93%	+25.67%

MSFU vs. APLY - Expense Ratio Comparison

MSFU has a 1.04% expense ratio, which is higher than APLY's 0.99% expense ratio.

Dividends

MSFU vs. APLY - Dividend Comparison

MSFU's dividend yield for the trailing twelve months is around 14.56%, less than APLY's 36.54% yield.

Position	TTM	2025	2024	2023	2022
APLY YieldMax AAPL Option Income Strategy ETF	36.54%	36.38%	24.95%	14.36%	0.00%
MSFU Direxion Daily MSFT Bull 2X Shares	14.56%	8.15%	7.00%	2.11%	0.54%

Frequently Asked Questions

Can I hold both MSFU and APLY in my portfolio?

MSFU and APLY have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSFU or APLY?

MSFU has higher volatility (22.49%) compared to APLY (5.60%). In terms of maximum drawdown, MSFU dropped -59.83% vs APLY's -30.41%.

Which ETF is better, MSFU or APLY?

On 3-year performance, APLY leads with 8.87% vs -9.21% for MSFU. 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, MSFU or APLY?

Over the 3-year period, APLY has performed better with a 8.87% return vs -9.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFU or APLY?

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

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

APLY has the higher dividend yield at 36.54%, compared with 14.56% for MSFU.

What is the main difference between MSFU and APLY?

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

Which has better risk-adjusted returns?

APLY currently has the higher Sharpe Ratio (1.73 vs -0.96), 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.