Which came closer to its stated multiple, AAPB or AAPX?

Over the window to Sep 30, 2026, AAPB finished 2.7 points from what its multiple implies and AAPX finished 3.6 points from its own, so AAPB came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are AAPB and AAPX levered on the same thing?

Yes. Both are levered on Apple, AAPB at +2 times and AAPX at +2 times the daily move.

Which one decays faster, AAPB or AAPX?

Decay follows how much the underlying moves about. Over this window AAPB’s moved at 28% annualized and AAPX’s at 28%, so AAPB has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold AAPB or AAPX 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.

Which is cheaper, AAPB or AAPX?

AAPB charges 1.15% a year and AAPX charges 1.05%, so AAPX is cheaper. Fees come from each fund's prospectus.

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AAPB vs AAPX: which held to its multiple?

Over the days both have traded, AAPB finished 0.7 points from its stated multiple and AAPX 1.0. GraniteShares 2x Long AAPL Daily ETF and T-REX 2X LONG APPLE DAILY TARGET ETF.

+23.7%

AAPB returned, 3 months

+22.8%

AAPX returned, 3 months

−2.7 pts

AAPB from its stated multiple

−3.6 pts

AAPX from its stated multiple

AAPB · 3 months to Sep 30, 20262.7 pts short of its stated multiple

AAPB returned +23.7% while 2 times AAPL's move would have been +26.4%

AAPX · 3 months to Sep 30, 20263.6 pts short of its stated multiple

AAPX returned +22.8% while 2 times AAPL's move would have been +26.4%

ETFIQ Decay Resistance Score · AAPB scores higherDid it keep up with its own daily multiple, compounded day by day?

AAPB 71.9

AAPX 45.6

0.1, the lowest in this set99.9, the highest

A percentile among the 470 leveraged ETFs, long, 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

	Total return		Multiple would give		Difference
Window	AAPB	AAPX	AAPB	AAPX	AAPB	AAPX
1 month	+9.5%	+9.2%	+10.2%	+10.2%	−0.7 pts	−1.0 pts
3 months	+23.7%	+22.8%	+26.4%	+26.4%	−2.7 pts	−3.6 pts
6 months	+58.2%	+54.9%	+61.0%	+61.0%	−2.9 pts	−6.1 pts
1 year	+51.5%	+43.6%	+62.5%	+62.5%	−11.0 pts	−18.9 pts
3 years	+135.6%	not published	+194.2%	not published	−58.6 pts	not published
Since launch AAPB Aug 2022 · AAPX Jan 2024	+115.4%	+94.7%	not meaningful	+163.2%	not meaningful	−68.6 pts

AAPB and AAPX over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

AAPB

GraniteShares 2x Long AAPL Daily ETF · Aims to return twice the daily move of Apple (AAPL)

AAPX

T-REX 2X LONG APPLE DAILY TARGET ETF · Aims to return twice the daily move of Apple (AAPL)

Issuer GraniteShares T-REX

Sets out to return +2x +2x

Underlying asset AAPL AAPL

Segment company company

Fund returned, 3 months or since launch +23.7% +22.8%

Underlying returned, over that window +13.2% +13.2%

What the stated multiple implies, over that window +26.4% +26.4%

Difference from stated, over that window −2.7 pts −3.6 pts

Fund returned, 1 year or since launch +51.5% +43.6%

Difference from stated, over that window −11.0 pts −18.9 pts

Underlying volatility 28% 28%

Difference over the days both have traded −0.7 pts −1.0 pts

Expense ratio 1.15% 1.05%

Launched Aug 9, 2022 Jan 11, 2024

Net assets $17m $9m

AAPB and AAPX on the same fields, as of Sep 30, 2026. Source: ETFIQ.

AAPB in plain words

Three months to Sep 30, 2026: AAPB returned +23.7% where its own daily promise gave +25.6%, 1.9 points short. Read the multiple against the whole window instead and 2 times AAPL's 13.2% implies +26.4%, which makes AAPB look 2.7 points short. 0.8 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. AAPB aims to return +2 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 +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. AAPL moved at 28% 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.

AAPX in plain words

Three months to Sep 30, 2026: AAPX returned +22.8% where its own daily promise gave +25.6%, 2.8 points short. Read the multiple against the whole window instead and 2 times AAPL's 13.2% implies +26.4%, which makes AAPX look 3.6 points short. AAPX aims to return +2 times AAPL's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, AAPB or AAPX?: Over the window to Sep 30, 2026, AAPB finished 2.7 points from what its multiple implies and AAPX finished 3.6 points from its own, so AAPB came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are AAPB and AAPX levered on the same thing?: Yes. Both are levered on Apple, AAPB at +2 times and AAPX at +2 times the daily move.
Which one decays faster, AAPB or AAPX?: Decay follows how much the underlying moves about. Over this window AAPB’s moved at 28% annualized and AAPX’s at 28%, so AAPB has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold AAPB or AAPX 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.
Which is cheaper, AAPB or AAPX?: AAPB charges 1.15% a year and AAPX charges 1.05%, so AAPX is cheaper. Fees come from each fund's prospectus.

Other comparisons

AAPB vs AAPD AAPB vs AAPE AAPB vs AAPU AAPB vs IOSX AAPX vs IOSX AAPX vs AAPD AAPX vs AAPE AAPX vs AAPU

AAPB on its own →AAPX on its own →How every figure is computed →Standards and sources →

Where these figures came from

AAPB filings on SEC EDGAR ↗AAPB prospectus with the expense ratio (SEC) ↗GraniteShares page for AAPB ↗AAPX filings on SEC EDGAR ↗AAPX prospectus with the expense ratio (SEC) ↗T-REX page for AAPX ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, AAPB against AAPX, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/aapb-vs-aapx

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.