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AAPD vs IREZ

Direxion Daily AAPL Bear 1X ETF

AAPDANasdaq

Tradr 2X Short IREN Daily ETF

IREZBCboe

Overlap

Expense ratio

AAPD −0.53pt a year

AAPD0.96%IREZ1.49%

Avg volume · 30D

AAPD 4.3×the volume

AAPD8.8MIREZ2.03M

AAPD vs IREZ Performance

Jul 31, 2026 – Nov 2, 2026

−8.4%AAPD+63.4%IREZ

Jul 31, 2026 to Nov 2, 2026. AAPD −8.4%. IREZ +63.4%. Use the arrow keys to read each point.−50%−25%25%50%Jul 2026Sep 2026Nov 2026
Expense ratio
AAPD 0.96%, better
IREZ 1.49%
Fund size
AAPD $35M
IREZ $10M
1Y total return
AAPD −20.1%
IREZ No data
Yield (12M)
AAPD 4.43%
IREZ No data
Holdings
AAPD 5
IREZ 2
Avg volume (30D)
AAPD 8.8M sh, better
IREZ 2.03M sh
NAV per share
AAPD $9.98
IREZ $26.56
52W range

ETF.net Grade

AAPD: Cost 97, Risk 75, Mission 85, Tradability 79, Holdings not scored, Durability 79. IREZ: Cost 25, Risk 40, Mission 97, Tradability 67, Holdings not scored, Durability 39.
Pillar letters and Scores for AAPD, IREZ, with each pillar’s weight
PillarAAPDIREZ
Cost30% weightA97HigherD25
Mission25% weightA85A97Higher
Risk15% weightA75HigherC40
Tradability15% weightA79HigherB67
Holdings10% weightNot scoredNot scored
Durability5% weightA79HigherD39

Rank among Single-Stock Inverse funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. AAPD and IREZ are both graded against the same 43 Single-Stock Inverse funds, so their Grades compare head to head.

Single-Stock Inverse⁠

Category · 43 funds
See all 43 ›

AAPD ranks 1st and IREZ 22nd of 43 funds in the Single-Stock Inverse Category.

  1. Rank 1AAAPDDirexion Daily AAPL Bear 1X ETFScore 86
  2. Rank 2ATSDDGraniteShares 2x Short TSLA Daily ETFScore 84
  3. Rank 21BAMDDDirexion Daily AMD Bear 1X ETFScore 56
  4. Rank 22BIREZTradr 2X Short IREN Daily ETFScore 55
  5. Rank 23CCONIGraniteShares 2x Short COIN Daily ETFScore 50

Our read on each fund

ETF.net Research

AAPDADirexion Daily AAPL Bear 1X ETF

IREZBTradr 2X Short IREN Daily ETF

In short

AAPD The straight-shooting short on Apple. No 2x, no options overlay: AAPD aims to deliver 100% of the inverse of AAPL's daily move, and it charges less than the typical single-stock bear fund to do it.

IREZ A one-ticker way to lean against IREN Limited. IREZ aims for two times the inverse of the stock's daily move, no margin agreement and no borrowing shares. Daily reset, built around short holding periods.

Stated mandate

AAPD The fund seeks daily investment results, before fees and expenses, equal to 100% of the inverse of the performance of Apple Inc.'s common shares.

IREZ The fund seeks daily investment results corresponding to two times the inverse of the daily performance of IREN Limited.

Why people hold it

  • AAPD One-to-one inverse, not amplified. The fund targets 100% of the opposite of Apple's daily move, so a bearish view doesn't come pre-loaded with 2x leverage on top.direxion.com
  • Cheap for the aisle it sits in: 0.96% a year against a 1.29% median for inverse single-stock funds, and under 2x rivals like TSDD (1.13%) and MSTZ (1.05%).
  • An early mover in single-stock ETFs, live since 2022, and one of the more actively traded names in the inverse single-stock group.
  • Hits its stated daily target closely and ranks among the strongest implementations in its peer group of inverse single-stock funds.
  • IREZ Targets -2x IREN Limited's daily move from a plain brokerage account: no margin agreement, no locating shares to borrow, and no exposure beyond the money you put in.
  • One job, done tightly. Day to day the fund has landed very close to its stated inverse target, which is the whole ballgame for a leveraged trading vehicle.
  • Actively traded for a fund of its size, so entering and exiting a short-term position is generally the easy part.

Worth knowing

  • AAPD The objective resets every day. Hold longer and compounding takes over, so results over a week or a month can differ from the inverse of Apple's move over that stretch, especially in choppy markets.
  • One company, one story. There is no diversification here: an Apple earnings night or product cycle drives the entire position.
  • A small fund by assets, and any distributions come on a quarterly schedule rather than as a steady income stream.
  • IREZ The -2x goal resets daily. Hold through a choppy stretch and compounding pulls your result away from twice the stock's move over that span, sometimes sharply.
  • The 1.49% expense ratio sits above several rival inverse single-stock funds, such as MSTZ at 1.05% and TSDD at 1.13%.
  • Launched in 2026 and small, so it carries a short operating history next to the longer-running bear funds in its category.

Full AAPD profile⁠

Full IREZ profile⁠

AAPD vs IREZ Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AAPD vs IREZ Cost

Overpaying IREZ vs AAPD

$8,107

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • AAPD 0.96%

    $18,034

  • IREZ 1.49%

    $26,141

$10,000
30 years

Cost over time

  • AAPD 0.96%
  • IREZ 1.49%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530IREZ $26,141AAPD $18,034

Year by year

YearAAPDIREZOverpaying
10$1,695$2,574$879
20$6,383$9,464$3,081
30$18,034$26,141$8,107

Expense ratio

  • 0.96%AAPD, cheaper
  • 1.49%IREZ
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

AAPD 3rd cheapest of 43 funds

IREZ 31st cheapest of 43 funds

AAPD vs IREZ Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
AAPD 4.43%
IREZ No data
Payout (12M)
AAPD $0.45
IREZ None
Last payment
AAPD $0.18
IREZ No data
Ex-dividend
AAPD Sep 22, 2026
IREZ No data
Paid on
AAPD Sep 29, 2026
IREZ No data
Frequency
AAPD Quarterly
IREZ No data

Distribution history

Per share, 2022 to 2026, same scale for both

AAPDQuarterly · 18 paymentsAll AAPD payments⁠
One bar per payment. 18 payments from 2022 to 2026 YTD. Sep 20, 2022 $0.03; Dec 8, 2022 $0.0061; Dec 20, 2022 $0.13; Mar 21, 2023 $0.18; Jun 21, 2023 $0.24; Sep 19, 2023 $0.19; Dec 21, 2023 $0.26; Mar 19, 2024 $0.18; Jun 25, 2024 $0.21; Sep 24, 2024 $0.15; Dec 23, 2024 $0.16; Mar 25, 2025 $0.12; Jun 24, 2025 $0.12; Sep 23, 2025 $0.12; Dec 23, 2025 $0.11; Mar 24, 2026 $0.08; Jun 23, 2026 $0.08; Sep 22, 2026 $0.18. Use the arrow keys to read each point.$0$0.2520232026YTD
IREZAll IREZ payments⁠

No distribution history available.

AAPD vs IREZ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
AAPD 19.8%IREZ No data
Return per unit of riskSharpe ratio, 3 years
AAPD −1.32IREZ No data
Worst fallMax drawdown, 5 years
AAPD −63.9%since Aug 2022IREZ No data
Market sensitivityBeta, 5 years
AAPD −0.84IREZ −5.89

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