ORLG vs. AAPB

Last updated Jul 17, 2026

ORLG (Leverage Shares 2X Long ORLY Daily ETF) and AAPB (GraniteShares 2x Long AAPL Daily ETF) are both Leveraged Equities funds. ORLG is passively managed, while AAPB is actively managed. At a correlation of -0.06, they often move in opposite directions. ORLG charges 0.75%/yr vs 1.15%/yr for AAPB.

Performance

ORLG vs. AAPB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long ORLY Daily ETF (ORLG) and GraniteShares 2x Long AAPL Daily ETF (AAPB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ORLG

• 1D: 8.37%
• 1M: -11.93%
• 6M: -23.86%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAPB

• 1D: 3.21%
• 1M: 21.64%
• 6M: 54.81%
• YTD: 39.43%
• 1Y: 121.92%
• 3Y*: 23.73%
• 5Y*: —
• 10Y*: —

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

ORLG vs. AAPB - Yearly Performance Comparison

	2026 (YTD)
ORLG Leverage Shares 2X Long ORLY Daily ETF	-25.87%
AAPB GraniteShares 2x Long AAPL Daily ETF	53.27%

Correlation

The correlation between ORLG and AAPB is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 15, 2026	-0.06

Return for Risk

ORLG vs. AAPB — Risk / Return Rank

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

ORLG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

AAPB

AAPB Risk / Return Rank: 83
AAPB Sharpe Ratio Rank: 91
AAPB Sortino Ratio Rank: 82
AAPB Omega Ratio Rank: 83
AAPB Calmar Ratio Rank: 90
AAPB Martin Ratio Rank: 70

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.

ORLG vs. AAPB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long ORLY Daily ETF (ORLG) and GraniteShares 2x Long AAPL Daily ETF (AAPB). 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.

	ORLG	AAPB	Difference
Sharpe ratio: Return per unit of total volatility	—	2.48	—
Sortino ratio: Return per unit of downside risk	—	2.96	—
Omega ratio: Gain probability vs. loss probability	—	1.40	—
Calmar ratio: Return relative to maximum drawdown	—	4.36	—
Martin ratio: Return relative to average drawdown	—	9.99	—

Drawdowns

ORLG vs. AAPB - Drawdown Comparison

The maximum ORLG drawdown since its inception was -39.93%, smaller than the maximum AAPB drawdown of -58.13%. Use the drawdown chart below to compare losses from any high point for ORLG and AAPB.

Drawdown Indicators

	ORLG	AAPB	Difference
Max Drawdown Largest peak-to-trough decline	-39.93%	-58.13%	+18.20%
Max Drawdown (1Y) Largest decline over 1 year	—	-28.11%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-58.13%	—
Current Drawdown Current decline from peak	-34.91%	0.00%	-34.91%
Average Drawdown Average peak-to-trough decline	-20.65%	-19.06%	-1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	12.25%	—

Volatility

Volatility by Period

	ORLG	AAPB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	22.09%	—
Volatility (6M) Calculated over the trailing 6-month period	—	39.33%	—
Volatility (1Y) Calculated over the trailing 1-year period	59.08%	49.50%	+9.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.08%	52.00%	+7.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.08%	52.00%	+7.08%

ORLG vs. AAPB - Expense Ratio Comparison

ORLG has a 0.75% expense ratio, which is lower than AAPB's 1.15% expense ratio.

Dividends

ORLG vs. AAPB - Dividend Comparison

ORLG has not paid dividends to shareholders, while AAPB's dividend yield for the trailing twelve months is around 3.15%.

Position	TTM	2025	2024	2023
AAPB GraniteShares 2x Long AAPL Daily ETF	3.15%	4.39%	0.00%	18.75%
ORLG Leverage Shares 2X Long ORLY Daily ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ORLG and AAPB in my portfolio?

ORLG and AAPB have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ORLG or AAPB?

On fees, ORLG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ORLG or AAPB?

ORLG is cheaper with a 0.75% expense ratio, compared with 1.15% for AAPB.

Which ETF pays a higher dividend yield, ORLG or AAPB?

AAPB has the higher dividend yield at 3.15%, compared with 0.00% for ORLG.

What is the main difference between ORLG and AAPB?

They also come from different issuers: Leverage Shares and GraniteShares. Their fees differ too: 0.75% for ORLG and 1.15% for AAPB.