Skip to content
etf.net

AAPD vs NVDQ

Direxion Daily AAPL Bear 1X ETF

AAPDANasdaq

T-REX 2X Inverse NVIDIA Daily Target ETF

NVDQBCboe

Overlap

Expense ratio

AAPD −0.09pt a year

AAPD0.96%NVDQ1.05%

Avg volume · 30D

AAPD 1.6×the volume

AAPD8.8MNVDQ5.51M

3Y return · a year

AAPD +61.1pt

AAPD−21.3%NVDQ−82.4%

AAPD vs NVDQ Performance

Oct 31, 2025 – Oct 30, 2026

−21.5%AAPD−34.8%NVDQ

Oct 31, 2025 to Oct 30, 2026. AAPD −21.5%. NVDQ −34.8%. Use the arrow keys to read each point.0%20%Oct 2025Apr 2026Oct 2026
Expense ratio
AAPD 0.96%, better
NVDQ 1.05%
Fund size
AAPD $24M
NVDQ $17M
1Y total return
AAPD −21.5%, better
NVDQ −34.8%
Yield (12M)
AAPD 4.51%, better
NVDQ 0.44%
Holdings
AAPD 4
NVDQ 2
Avg volume (30D)
AAPD 8.8M sh, better
NVDQ 5.51M sh
NAV per share
AAPD $9.86
NVDQ $9.14
52W range

ETF.net Grade

AAPD: Cost 97, Risk 75, Mission 85, Tradability 80, Holdings not scored, Durability 75. NVDQ: Cost 65, Risk 33, Mission 92, Tradability 50, Holdings not scored, Durability 58.
Pillar letters and Scores for AAPD, NVDQ, with each pillar’s weight
PillarAAPDNVDQ
Cost30% weightA97HigherB65
Mission25% weightA85A92Higher
Risk15% weightA75HigherD33
Tradability15% weightA80HigherC50
Holdings10% weightNot scoredNot scored
Durability5% weightA75HigherB58

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 NVDQ 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 NVDQ 19th 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 18BPLTZDaily Target 2X Short PLTR ETFScore 65
  4. Rank 19BNVDQT-REX 2X Inverse NVIDIA Daily Target ETFScore 64
  5. Rank 20BMUDDirexion Daily MU Bear 1X ETFScore 60

Our read on each fund

ETF.net Research

AAPDADirexion Daily AAPL Bear 1X ETF

NVDQBT-REX 2X Inverse NVIDIA Daily Target 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.

NVDQ One ticker, one bet: NVDQ aims to deliver 200% of the inverse of Nvidia's daily move, so a 1% slip in NVDA targets a 2% gain that day. T-REX built it as a day-trader's tool, and the math resets every session.

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.

NVDQ The Fund seeks daily investment results, before fees and expenses, equal to 200% of the inverse of NVDA's daily performance. It is designed as a short-term trading vehicle and does not target results beyond a single trading day.

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.
  • NVDQ Bearish on Nvidia without a margin account or borrowed shares: the fund targets 200% of the inverse of NVDA's one-day move inside a plain brokerage trade.rexshares.com
  • At 1.05% a year it sits at the cheaper end of the leveraged single-stock aisle, matching stablemate MSTZ and undercutting the typical inverse peer.
  • Day-to-day delivery has stayed close to the stated -2x target, one of the stronger implementations among inverse single-stock funds.
  • Running since 2023 and among the more actively traded names in this narrow corner of the market, which matters when the holding period is measured in hours.

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.
  • NVDQ The leverage resets daily. Hold longer than a session and results can drift well away from -2x, and choppy back-and-forth in NVDA erodes value.
  • It cuts both ways: a 1% up day in NVDA targets roughly a 2% loss for the fund that day.
  • 1.05% is many times a broad index fund's fee, and the fund's own documents describe it as a short-term trading vehicle, not a long-hold position.rexshares.com

Full AAPD profile⁠

Full NVDQ profile⁠

AAPD vs NVDQ 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 NVDQ Cost

Overpaying NVDQ vs AAPD

$1,461

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

  • AAPD 0.96%

    $18,034

  • NVDQ 1.05%

    $19,495

$10,000
30 years

Cost over time

  • AAPD 0.96%
  • NVDQ 1.05%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530NVDQ $19,495AAPD $18,034

Year by year

YearAAPDNVDQOverpaying
10$1,695$1,847$152
20$6,383$6,927$544
30$18,034$19,495$1,461

Expense ratio

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

AAPD 3rd cheapest of 43 funds

NVDQ 20th cheapest of 43 funds

AAPD vs NVDQ Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
AAPD 4.51%, better
NVDQ 0.44%
Payout (12M)
AAPD $0.45
NVDQ $0.04
Last payment
AAPD $0.18
NVDQ $0.04
Ex-dividend
AAPD Sep 22, 2026
NVDQ Dec 24, 2025
Paid on
AAPD Sep 29, 2026
NVDQ Dec 26, 2025
Frequency
AAPD Quarterly
NVDQ Annual

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$2.5020232026YTD
NVDQAnnual · 2 paymentsAll NVDQ payments⁠
One bar per payment. 2 payments from 2022 to 2026 YTD. Dec 24, 2024 $3.05; Dec 24, 2025 $0.04. Use the arrow keys to read each point.$0$2.5020232026YTD

AAPD vs NVDQ 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%, betterNVDQ 60.6%
Return per unit of riskSharpe ratio, 3 years
AAPD −1.32, betterNVDQ −2.40
Worst fallMax drawdown, 5 years
AAPD −63.9%since Aug 2022NVDQ −99.6%since Oct 2023
Market sensitivityBeta, 5 years
AAPD −0.84NVDQ −2.94

Popular comparisons

  • AAPDAvsTSDDA

    Direxion Daily AAPL Bear 1X ETF · GraniteShares 2x Short TSLA Daily ETF

    Expense ratio
    0.96% · 0.98%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • NVDQBvsTSDDA

    T-REX 2X Inverse NVIDIA Daily Target ETF · GraniteShares 2x Short TSLA Daily ETF

    Expense ratio
    1.05% · 0.98%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • AAPDAvsSKHZA

    Direxion Daily AAPL Bear 1X ETF · Leverage Shares 1X Short SK Hynix Daily ETF

    Expense ratio
    0.96% · 0.75%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • NVDQBvsSKHZA

    T-REX 2X Inverse NVIDIA Daily Target ETF · Leverage Shares 1X Short SK Hynix Daily ETF

    Expense ratio
    1.05% · 0.75%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • AAPDAvsTSLSA

    Direxion Daily AAPL Bear 1X ETF · Direxion Daily TSLA Bear 1X ETF

    Expense ratio
    0.96% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • NVDQBvsTSLSA

    T-REX 2X Inverse NVIDIA Daily Target ETF · Direxion Daily TSLA Bear 1X ETF

    Expense ratio
    1.05% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.