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AAPD vs QBTZ

Direxion Daily AAPL Bear 1X ETF

AAPDANasdaq

Defiance Daily Target 2X Short QBTS ETF

QBTZDNasdaq

Overlap

Expense ratio

AAPD −1.35pt a year

AAPD0.96%QBTZ2.31%

Avg volume · 30D

AAPD 21.7×the volume

AAPD9.21MQBTZ425K

AAPD vs QBTZ Performance

Nov 7, 2025 – Nov 9, 2026

−23.7%AAPD−88.9%QBTZ

Nov 7, 2025 to Nov 9, 2026. AAPD −23.7%. QBTZ −88.9%. Use the arrow keys to read each point.−50%0%50%Nov 2025May 2026Nov 2026
Expense ratio
AAPD 0.96%, better
QBTZ 2.31%
Fund size
AAPD $46M
QBTZ $3M
1Y total return
AAPD −23.7%, better
QBTZ −88.9%
Yield (12M)
AAPD 4.60%
QBTZ No data
Holdings
AAPD 4
QBTZ 3
Avg volume (30D)
AAPD 9.21M sh, better
QBTZ 425K sh
NAV per share
AAPD $10.02
QBTZ $29.06
52W range

ETF.net Grade

AAPD: Cost 97, Risk 72, Mission 85, Tradability 73, Holdings not scored, Durability 81. QBTZ: Cost 0, Risk 29, Mission 99, Tradability 25, Holdings not scored, Durability 36.
Pillar letters and Scores for AAPD, QBTZ, with each pillar’s weight
PillarAAPDQBTZ
Cost30% weightA97HigherF0
Mission25% weightA85A99Higher
Risk15% weightA72HigherD29
Tradability15% weightA73HigherD25
Holdings10% weightNot scoredNot scored
Durability5% weightA81HigherD36

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 QBTZ 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 QBTZ 34th of 43 funds in the Single-Stock Inverse Category.

  1. Rank 1AAAPDDirexion Daily AAPL Bear 1X ETFScore 84
  2. Rank 2ATSDDGraniteShares 2x Short TSLA Daily ETFScore 83
  3. Rank 27CTSMZDirexion Daily TSM Bear 1X ETFScore 40
  4. Rank 34DQBTZDefiance Daily Target 2X Short QBTS ETFScore 38
  5. Rank 34DRGTZDefiance Daily Target 2X Short RGTI ETFScore 38

Our read on each fund

ETF.net Research

AAPDADirexion Daily AAPL Bear 1X ETF

QBTZDDefiance Daily Target 2X Short QBTS 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.

QBTZ The first 2X short ETF on D-Wave Quantum. QBTZ aims to deliver -200% of QBTS's move for one trading day at a time, then resets, so it is a trading tool rather than a long-haul quantum bet.

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.

QBTZ QBTZ seeks daily inverse results equal to -200% of the daily percentage change in D-Wave Quantum Inc.'s share price. It is designed for short-term use and does not target results over periods longer than one 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.
  • QBTZ Does what the label says: -200% of D-Wave Quantum's daily percentage change, reset each session. In our tracking review it lands close to that stated one-day target.defianceetfs.com
  • Shorting a quantum stock usually means a margin account and locating a borrow. QBTZ packages amplified inverse exposure into one ticker in a regular brokerage account.defianceetfs.com
  • One ticker, no options chain. No strikes, no expiry calendar, no premium decay to manage; the inverse exposure is reset for you at the end of each trading day.defianceetfs.com

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.
  • QBTZ Costs 2.31%, above what this category typically charges. Cheaper bear peers exist, including TSDD at 0.95% net of a waiver through December 31, 2026 and SKHZ at 0.75%.
  • The -200% target applies to a single day. Over longer holds, daily compounding can push results well away from -2x the period move, in either direction.defianceetfs.com
  • A 2025 launch with assets at the small end of its category and a short risk history, which is part of why it sits in the lower half of its peer group here.

Full AAPD profile⁠

Full QBTZ profile⁠

AAPD vs QBTZ 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 QBTZ Cost

Overpaying QBTZ vs AAPD

$18,538

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

  • AAPD 0.96%

    $18,034

  • QBTZ 2.31%

    $36,572

$10,000
30 years

Cost over time

  • AAPD 0.96%
  • QBTZ 2.31%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K051015202530QBTZ $36,572AAPD $18,034

Year by year

YearAAPDQBTZOverpaying
10$1,695$3,857$2,162
20$6,383$13,687$7,304
30$18,034$36,572$18,538

Expense ratio

  • 0.96%AAPD, cheaper
  • 2.31%QBTZ
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

AAPD 3rd cheapest of 43 funds

QBTZ 43rd cheapest of 43 funds

AAPD vs QBTZ Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
AAPD 4.60%
QBTZ No data
Payout (12M)
AAPD $0.45
QBTZ None
Last payment
AAPD $0.18
QBTZ No data
Ex-dividend
AAPD Sep 22, 2026
QBTZ No data
Paid on
AAPD Sep 29, 2026
QBTZ No data
Frequency
AAPD Quarterly
QBTZ 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
QBTZAll QBTZ payments⁠

No distribution history available.

AAPD vs QBTZ 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%QBTZ 204.4%since Nov 2025
Return per unit of riskSharpe ratio, 3 years
AAPD −1.32QBTZ 0.36since Nov 2025
Worst fallMax drawdown, 5 years
AAPD −64.2%since Aug 2022QBTZ −96.6%since Oct 2025
Market sensitivityBeta, 5 years
AAPD −0.84QBTZ −8.19

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