Data as of .
AAPD vs AAPU: which held to its multiple?
Over three months against its own daily promise, AAPD finished 1.3 points over and AAPU 2.9 points short.
ETFIQ Decay Resistance Score: AAPU scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 121 inverse ETFs over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| AAPD | AAPU | AAPD | AAPU | AAPD | AAPU | |
| 1 month | −8.9% | +19.2% | −9.9% | +19.9% | +1.1 pts | −0.6 pts |
| 3 months | −13.3% | +24.3% | −14.2% | +28.5% | +0.9 pts | −4.1 pts |
| 6 months | −25.4% | +63.0% | −33.1% | +66.2% | +7.7 pts | −3.2 pts |
| 1 year | −31.0% | +80.2% | −45.0% | +90.0% | +13.9 pts | −9.8 pts |
| 3 years | −47.6% | +130.0% | −91.0% | +182.0% | +43.4 pts | −52.0 pts |
| Since launch | −52.4% | +132.9% | not meaningful | not meaningful | not meaningful | not meaningful |
| AAPD Direxion Daily AAPL Bear 1X ETF Aims to return 1 times the opposite of the daily move of Apple (AAPL) | AAPU Direxion Daily AAPL Bull 2X ETF Aims to return twice the daily move of Apple (AAPL) | |
|---|---|---|
| Issuer | Direxion | Direxion |
| Sets out to return | -1x | +2x |
| On | AAPL | AAPL |
| Segment | company | company |
| Fund returned, 3 months | −13.3% | +24.3% |
| Underlying returned, 3 months | +14.2% | +14.2% |
| What the stated multiple implies, 3 months | −14.2% | +28.5% |
| Difference from stated, 3 months | +0.9 pts | −4.1 pts |
| Fund returned, 1 year or since launch | −31.0% | +80.2% |
| Difference from stated, over that window | +13.9 pts | −9.8 pts |
| Underlying volatility | 32% | 32% |
| Difference over the days both have traded | no shared window | −0.6 pts |
| Expense ratio | not published | 0.96% |
| Launched | Aug 9, 2022 | Aug 9, 2022 |
AAPD in plain words
Three months to Sep 11, 2026: AAPD returned −13.3% where its own daily promise gave −14.6%, 1.3 points over. Read the multiple against the whole window instead and −1 times AAPL's 14.2% implies −14.2%, which makes AAPD look 0.9 points over. 0.4 of that is daily compounding, which happens to any −1 times fund over the same path, and the rest is the fund. AAPD aims to return -1 times AAPL's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -1 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. AAPL moved at 32% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
AAPU in plain words
Three months to Sep 11, 2026: AAPU returned +24.3% where its own daily promise gave +27.2%, 2.9 points short. Read the multiple against the whole window instead and +2 times AAPL's 14.2% implies +28.5%, which makes AAPU look 4.1 points short. 1.3 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. AAPU aims to return +2 times AAPL's move each day, then resets. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, AAPD or AAPU?
- Over the window to Sep 11, 2026, AAPD finished 0.9 points from what its multiple implies and AAPU finished 4.1 points from its own, so AAPD came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are AAPD and AAPU levered on the same thing?
- Yes. Both are levered on Apple, AAPD at -1 times and AAPU at +2 times the daily move.
- Which one decays faster, AAPD or AAPU?
- Decay follows how much the underlying moves about. Over this window AAPD’s moved at 32% annualized and AAPU’s at 32%, so AAPD has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold AAPD or AAPU for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, AAPD against AAPU, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/AAPD-AAPU Free to use with attribution; the underlying files are at Open data.