Which came closer to its stated multiple, AAPD or AAPU?

Over the window to Sep 30, 2026, AAPD finished 1.2 points from what its multiple implies and AAPU finished 3.5 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 28% annualized and AAPU’s at 28%, 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.

Which is cheaper, AAPD or AAPU?

AAPD charges 0.96% a year and AAPU charges 0.96%, so AAPD is cheaper. Fees come from each fund's prospectus.

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AAPD vs AAPU: which held to its multiple?

Over three months against its own daily promise, AAPD finished 1.4 points over and AAPU 2.7 points short. Direxion Daily AAPL Bear 1X ETF and Direxion Daily AAPL Bull 2X ETF.

−12.0%

AAPD returned, 3 months

+22.9%

AAPU returned, 3 months

+1.2 pts

AAPD from its stated multiple

−3.5 pts

AAPU from its stated multiple

AAPD · 3 months to Sep 30, 20261.2 pts ahead of its stated multiple

AAPD returned −12.0% while −1 times AAPL's move would have been −13.2%

AAPU · 3 months to Sep 30, 20263.5 pts short of its stated multiple

AAPU returned +22.9% while 2 times AAPL's move would have been +26.4%

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

AAPD among the 125 inverse ETFs over three months

AAPD 40.4

0.4, the lowest in this set99.6, the highest

AAPU among the 470 leveraged ETFs, long, over three months

AAPU 48.6

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

A percentile among the 125 inverse ETFs over three months. AAPU is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. 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	AAPD	AAPU	AAPD	AAPU	AAPD	AAPU
1 month	−4.6%	+8.9%	−5.1%	+10.2%	+0.5 pts	−1.3 pts
3 months	−12.0%	+22.9%	−13.2%	+26.4%	+1.2 pts	−3.5 pts
6 months	−23.9%	+56.9%	−30.5%	+61.0%	+6.6 pts	−4.1 pts
1 year	−23.6%	+48.4%	−31.3%	+62.5%	+7.6 pts	−14.2 pts
3 years	−49.2%	+141.2%	−97.1%	+194.2%	+47.9 pts	−53.0 pts
Since launch AAPD Aug 2022 · AAPU Aug 2022	−52.4%	+132.8%	not meaningful	not meaningful	not meaningful	not meaningful

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

On the same fields

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

Underlying asset AAPL AAPL

Segment company company

Fund returned, 3 months or since launch −12.0% +22.9%

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

What the stated multiple implies, over that window −13.2% +26.4%

Difference from stated, over that window +1.2 pts −3.5 pts

Fund returned, 1 year or since launch −23.6% +48.4%

Difference from stated, over that window +7.6 pts −14.2 pts

Underlying volatility 28% 28%

Difference over the days both have traded no shared window −1.3 pts

Expense ratio 0.96% 0.96%

Launched Aug 9, 2022 Aug 9, 2022

Net assets $13m $156m

AAPD and AAPU on the same fields, as of Sep 30, 2026. Source: ETFIQ.

AAPD in plain words

Three months to Sep 30, 2026: AAPD returned −12.0% where its own daily promise gave −13.4%, 1.4 points over. Read the multiple against the whole window instead and −1 times AAPL's 13.2% implies −13.2%, which makes AAPD look 1.2 points over. 0.2 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 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.

AAPU in plain words

Three months to Sep 30, 2026: AAPU returned +22.9% where its own daily promise gave +25.6%, 2.7 points short. Read the multiple against the whole window instead and 2 times AAPL's 13.2% implies +26.4%, which makes AAPU look 3.5 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. 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 30, 2026, AAPD finished 1.2 points from what its multiple implies and AAPU finished 3.5 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 28% annualized and AAPU’s at 28%, 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.
Which is cheaper, AAPD or AAPU?: AAPD charges 0.96% a year and AAPU charges 0.96%, so AAPD is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

AAPD on its own →AAPU on its own →How every figure is computed →Standards and sources →

Where these figures came from

AAPD and AAPU filings on SEC EDGAR ↗AAPD and AAPU prospectus with the expense ratio (SEC) ↗Direxion website ↗

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, AAPD against AAPU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/aapd-vs-aapu

Open data

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