SMU vs. APPX

Last updated Jun 4, 2026

SMU (Tradr 2X Long SMR Daily ETF) and APPX (Tradr 2X Long APP Daily ETF) are both Leveraged Equities funds from Tradr. Both are actively managed. At a 0.29 correlation, their price movements are largely independent. Both charge a 1.30% expense ratio.

Performance

SMU vs. APPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long SMR Daily ETF (SMU) and Tradr 2X Long APP Daily ETF (APPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMU achieves a -55.15% return, which is significantly lower than APPX's -51.66% return.

SMU

• 1D: -24.09%
• 1M: -8.19%
• YTD: -55.15%
• 6M: -79.54%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

APPX

• 1D: -11.50%
• 1M: 36.86%
• YTD: -51.66%
• 6M: -50.93%
• 1Y: 6.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMU vs. APPX - Yearly Performance Comparison

	2026 (YTD)	2025
SMU Tradr 2X Long SMR Daily ETF	-55.15%	-92.36%
APPX Tradr 2X Long APP Daily ETF	-51.66%	223.68%

Correlation

The correlation between SMU and APPX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 14, 2025	0.29

Return for Risk

SMU vs. APPX — Risk / Return Rank

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

APPX

APPX Risk / Return Rank: 14
APPX Sharpe Ratio Rank: 9
APPX Sortino Ratio Rank: 21
APPX Omega Ratio Rank: 23
APPX Calmar Ratio Rank: 10
APPX Martin Ratio Rank: 10

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.

SMU vs. APPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long SMR Daily ETF (SMU) and Tradr 2X Long APP Daily ETF (APPX). 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.

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

Sharpe Ratios by Period

	SMU	APPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.04	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.48	0.67	-1.15

Drawdowns

SMU vs. APPX - Drawdown Comparison

The maximum SMU drawdown since its inception was -98.68%, which is greater than APPX's maximum drawdown of -82.40%. Use the drawdown chart below to compare losses from any high point for SMU and APPX.

Drawdown Indicators

	SMU	APPX	Difference
Max Drawdown Largest peak-to-trough decline	-98.68%	-82.40%	-16.28%
Max Drawdown (1Y) Largest decline over 1 year	—	-82.40%	—
Current Drawdown Current decline from peak	-98.10%	-62.42%	-35.68%
Average Drawdown Average peak-to-trough decline	-75.88%	-37.22%	-38.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	48.66%	—

Volatility

Volatility by Period

	SMU	APPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	41.38%	—
Volatility (6M) Calculated over the trailing 6-month period	—	122.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	204.10%	141.00%	+63.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	204.10%	140.63%	+63.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	204.10%	140.63%	+63.47%

SMU vs. APPX - Expense Ratio Comparison

Both SMU and APPX have an expense ratio of 1.30%.

Dividends

SMU vs. APPX - Dividend Comparison

SMU has not paid dividends to shareholders, while APPX's dividend yield for the trailing twelve months is around 19.41%.

Position	TTM	2025
APPX Tradr 2X Long APP Daily ETF	19.41%	9.38%
SMU Tradr 2X Long SMR Daily ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMU and APPX in my portfolio?

SMU and APPX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMU or APPX?

Both ETFs have the same 1.30% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMU or APPX?

SMU and APPX have the same expense ratio: 1.30% per year.

Which ETF pays a higher dividend yield, SMU or APPX?

APPX has the higher dividend yield at 19.41%, compared with 0.00% for SMU.