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

Over the window to Sep 30, 2026, AAPD finished 1.2 points from what its multiple implies and AAPX finished 3.6 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 AAPX levered on the same thing?

Yes. Both are levered on Apple, AAPD at -1 times and AAPX at +2 times the daily move.

Which one decays faster, AAPD or AAPX?

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

Can I hold AAPD 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, AAPD or AAPX?

AAPD charges 0.96% a year and AAPX charges 1.05%, so AAPD is cheaper. Fees come from each fund's prospectus.

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AAPD vs AAPX: which held to its multiple?

Over three months against its own daily promise, AAPD finished 1.4 points over and AAPX 2.8 points short. Direxion Daily AAPL Bear 1X ETF and T-REX 2X LONG APPLE DAILY TARGET ETF.

−12.0%

AAPD returned, 3 months

+22.8%

AAPX returned, 3 months

+1.2 pts

AAPD from its stated multiple

−3.6 pts

AAPX 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%

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 · AAPX 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

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

AAPX 45.6

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

A percentile among the 125 inverse ETFs over three months. AAPX 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	AAPX	AAPD	AAPX	AAPD	AAPX
1 month	−4.6%	+9.2%	−5.1%	+10.2%	+0.5 pts	−1.0 pts
3 months	−12.0%	+22.8%	−13.2%	+26.4%	+1.2 pts	−3.6 pts
6 months	−23.9%	+54.9%	−30.5%	+61.0%	+6.6 pts	−6.1 pts
1 year	−23.6%	+43.6%	−31.3%	+62.5%	+7.6 pts	−18.9 pts
3 years	−49.2%	not published	−97.1%	not published	+47.9 pts	not published
Since launch AAPD Aug 2022 · AAPX Jan 2024	−52.4%	+94.7%	not meaningful	+163.2%	not meaningful	−68.6 pts

AAPD 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

AAPD

Direxion Daily AAPL Bear 1X ETF · Aims to return 1 times the opposite of 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 Direxion T-REX

Sets out to return -1x +2x

Underlying asset AAPL AAPL

Segment company company

Fund returned, 3 months or since launch −12.0% +22.8%

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 −3.6 pts

Fund returned, 1 year or since launch −23.6% +43.6%

Difference from stated, over that window +7.6 pts −18.9 pts

Underlying volatility 28% 28%

Difference over the days both have traded no shared window −1.0 pts

Expense ratio 0.96% 1.05%

Launched Aug 9, 2022 Jan 11, 2024

Net assets $13m $9m

AAPD and AAPX 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.

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. 0.8 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. AAPX 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 AAPX?: Over the window to Sep 30, 2026, AAPD finished 1.2 points from what its multiple implies and AAPX finished 3.6 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 AAPX levered on the same thing?: Yes. Both are levered on Apple, AAPD at -1 times and AAPX at +2 times the daily move.
Which one decays faster, AAPD or AAPX?: Decay follows how much the underlying moves about. Over this window AAPD’s moved at 28% annualized and AAPX’s at 28%, so AAPD has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold AAPD 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, AAPD or AAPX?: AAPD charges 0.96% a year and AAPX charges 1.05%, so AAPD is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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

Where these figures came from

AAPD filings on SEC EDGAR ↗AAPD prospectus with the expense ratio (SEC) ↗Direxion website ↗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, AAPD against AAPX, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/aapd-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.