Which came closer to its stated multiple, APLX or APLZ?

Over the window to Sep 30, 2026, APLX finished 0.3 points from what its multiple implies and APLZ finished 50.1 points from its own, so APLX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are APLX and APLZ levered on the same thing?

Yes. Both are levered on Applied Digital, APLX at +2 times and APLZ at -2 times the daily move.

Which one decays faster, APLX or APLZ?

Decay follows how much the underlying moves about. Over this window APLX’s moved at 89% annualized and APLZ’s at 89%, so APLX has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold APLX or APLZ 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, APLX or APLZ?

APLX charges 1.51% a year and APLZ charges 1.49%, so APLZ is cheaper. Fees come from each fund's prospectus.

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APLX vs APLZ: which held to its multiple?

Over three months against its own daily promise, APLX finished 1.7 points short and APLZ 2.0 points short. Tradr 2X Long APLD Daily ETF and Tradr 2X Short APLD Daily ETF.

−63.0%

APLX returned, 3 months

+12.7%

APLZ returned, 3 months

−0.3 pts

APLX from its stated multiple

−50.1 pts

APLZ from its stated multiple

APLX · 3 months to Sep 30, 2026On its stated multiple

APLX returned −63.0% while 2 times APLD's move would have been −62.8%

APLZ · 3 months to Sep 30, 202650.1 pts short of its stated multiple

APLZ returned +12.7% while −2 times APLD's move would have been +62.8%

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

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

APLX 79

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

APLZ among the 125 inverse ETFs over three months

APLZ 6.8

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

A percentile among the 470 leveraged ETFs, long, over three months. APLZ is a percentile among the 125 inverse ETFs 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	APLX	APLZ	APLX	APLZ	APLX	APLZ
1 month	−13.5%	−5.3%	−8.2%	+8.2%	−5.3 pts	−13.5 pts
3 months	−63.0%	+12.7%	−62.8%	+62.8%	−0.3 pts	−50.1 pts
6 months	−40.9%	−75.8%	−1.0%	+1.0%	−39.9 pts	−76.8 pts
1 year	−66.8%	not published	+12.5%	not published	−79.2 pts	not published
Since launch APLX Sep 2025 · APLZ Jan 2026	−30.5%	−81.5%	+120.7%	+59.7%	−151.1 pts	−141.2 pts

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

On the same fields

APLX

Tradr 2X Long APLD Daily ETF · Aims to return twice the daily move of Applied Digital (APLD)

APLZ

Tradr 2X Short APLD Daily ETF · Aims to return twice the opposite of the daily move of Applied Digital (APLD)

Issuer Tradr Tradr

Sets out to return +2x -2x

Underlying asset APLD APLD

Segment company company

Fund returned, 3 months or since launch −63.0% +12.7%

Underlying returned, over that window −31.4% −31.4%

What the stated multiple implies, over that window −62.8% +62.8%

Difference from stated, over that window −0.3 pts −50.1 pts

Fund returned, 1 year or since launch −66.8% −81.5%

Difference from stated, over that window −79.2 pts −141.2 pts

Underlying volatility 89% 89%

Expense ratio 1.51% 1.49%

Launched Sep 9, 2025 Jan 22, 2026

Net assets $59m $5m

APLX and APLZ on the same fields, as of Sep 30, 2026. Source: ETFIQ.

APLX in plain words

Three months to Sep 30, 2026: APLX returned −63.0% where its own daily promise gave −61.3%, 1.7 points short. Read the multiple against the whole window instead and 2 times APLD's −31.4% implies −62.8%, which makes APLX look 0.3 points short. 1.4 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. APLX aims to return +2 times APLD'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. APLD moved at 89% 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.

APLZ in plain words

Three months to Sep 30, 2026: APLZ returned +12.7% where its own daily promise gave +14.6%, 2.0 points short. Read the multiple against the whole window instead and −2 times APLD's −31.4% implies +62.8%, which makes APLZ look 50.1 points short. 48.1 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. APLZ aims to return -2 times APLD'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, APLX or APLZ?: Over the window to Sep 30, 2026, APLX finished 0.3 points from what its multiple implies and APLZ finished 50.1 points from its own, so APLX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are APLX and APLZ levered on the same thing?: Yes. Both are levered on Applied Digital, APLX at +2 times and APLZ at -2 times the daily move.
Which one decays faster, APLX or APLZ?: Decay follows how much the underlying moves about. Over this window APLX’s moved at 89% annualized and APLZ’s at 89%, so APLX has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold APLX or APLZ 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, APLX or APLZ?: APLX charges 1.51% a year and APLZ charges 1.49%, so APLZ is cheaper. Fees come from each fund's prospectus.

Other comparisons

APLX on its own →APLZ on its own →How every figure is computed →Standards and sources →

Where these figures came from

APLX and APLZ filings on SEC EDGAR ↗APLX prospectus with the expense ratio (SEC) ↗Tradr website ↗APLZ prospectus with the expense ratio (SEC) ↗

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, APLX against APLZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/aplx-vs-aplz

Open data

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