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AAPD vs QCMD

Direxion Daily AAPL Bear 1X ETF

AAPDANasdaq

Direxion Daily QCOM Bear 1X Shares

QCMDCNasdaq

Overlap

0.0%by weight

Expense ratio

AAPD −0.04pt a year

AAPD0.96%QCMD1.00%

Avg volume · 30D

AAPD 421.8×the volume

AAPD8.8MQCMD20.9K

AAPD vs QCMD Performance

Oct 31, 2025 – Oct 30, 2026

−21.5%AAPD−14.5%QCMD

Oct 31, 2025 to Oct 30, 2026. AAPD −21.5%. QCMD −14.5%. Use the arrow keys to read each point.−40%0%20%40%Oct 2025Apr 2026Oct 2026
Expense ratio
AAPD 0.96%, better
QCMD 1.00%
Fund size
AAPD $24M
QCMD $2M
1Y total return
AAPD −21.5%
QCMD −14.5%, better
Yield (12M)
AAPD 4.51%, better
QCMD 3.20%
Holdings
AAPD 4
QCMD 4
Avg volume (30D)
AAPD 8.8M sh, better
QCMD 20.9K sh
NAV per share
AAPD $9.86
QCMD $15.58
52W range

ETF.net Grade

AAPD: Cost 97, Risk 75, Mission 85, Tradability 80, Holdings not scored, Durability 75. QCMD: Cost 89, Risk 65, Mission 82, Tradability 32, Holdings not scored, Durability 41.
Pillar letters and Scores for AAPD, QCMD, with each pillar’s weight
PillarAAPDQCMD
Cost30% weightA97HigherA89
Mission25% weightA85HigherA82
Risk15% weightA75HigherB65
Tradability15% weightA80HigherD32
Holdings10% weightNot scoredNot scored
Durability5% weightA75HigherC41

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 QCMD 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 QCMD 28th 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 28CPALDDirexion Daily PANW Bear 1X ETFScore 40
  4. Rank 28CQCMDDirexion Daily QCOM Bear 1X SharesScore 40
  5. Rank 28CRGTZDefiance Daily Target 2X Short RGTI ETFScore 40

Our read on each fund

ETF.net Research

AAPDADirexion Daily AAPL Bear 1X ETF

QCMDCDirexion Daily QCOM Bear 1X Shares

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.

QCMD A one-for-one short on Qualcomm in an ETF wrapper: no margin account, no borrow, just -100% of QCOM's move, reset daily. Priced at 1.00% net of a waiver through September 1, 2027.

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.

QCMD The fund seeks daily inverse investment results, before fees and expenses, corresponding to the performance of QUALCOMM Incorporated common shares.

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.
  • QCMD Fee runs 1.00% net of a waiver through September 1, 2027, under the category median and a whisker from the cheapest bear funds around (AAPD 0.96%, TSLS 0.95%).
  • Inverse, not leveraged: the daily target is -100% of QCOM, not -200% or -300%, so a bad day lands one-for-one instead of magnified.direxion.com
  • Short exposure to one chipmaker that trades like any share: no short sale to arrange, no borrow to locate, no margin account required.direxion.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.
  • QCMD Daily reset means multi-day results compound. Hold past one session and your return can drift from -100% of QCOM's move over that stretch, especially in choppy tape.direxion.com
  • The 1.00% is a waived price. Gross runs 2.76%, so the cost can step up if the waiver is not renewed after September 1, 2027.
  • A small fund that trades lightly next to the headline single-stock bear names, which can mean wider spreads getting in and out.

Full AAPD profile⁠

Full QCMD profile⁠

AAPD vs QCMD Holdings

How AAPD and QCMD differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of AAPD and 0.0% of QCMD.

Level by level

  • Holdings0 in both0.0%
  • Asset classLeveraged/Inverse100%

Sector

No Sector split for AAPD and QCMD.

Country, concentration and asset class

Country by domicile

No country split for AAPD.

Concentration

Weight in the 10 largest Holdings

  • AAPD490.0%
  • QCMD1985.2%

Securities held

  • AAPD2
  • QCMD0

Asset class

AAPD
Leveraged/Inverse
QCMD
Leveraged/Inverse

Holdings

  • Only in AAPD2
  • In both0
  • Only in QCMD0

Only in AAPD

2 securities, 100% of AAPD by weight

  • Goldman Finl Sq Trsry Inst 50686.03%
  • Goldman Sachs Fin Gov 465 Institut15.66%

Only in QCMD

0 securities, 0.0% of QCMD by weight

Weight gaps

AAPD and QCMD share no securities.

All 10 AAPD holdings⁠All 3 QCMD 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 QCMD Cost

Overpaying QCMD vs AAPD

$654

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

  • AAPD 0.96%

    $18,034

  • QCMD 1.00%

    $18,688

$10,000
30 years

Cost over time

  • AAPD 0.96%
  • QCMD 1.00%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530QCMD $18,688AAPD $18,034

Year by year

YearAAPDQCMDOverpaying
10$1,695$1,763$68
20$6,383$6,625$242
30$18,034$18,688$654

Expense ratio

  • 0.96%AAPD, cheaper
  • 1.00%QCMD
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

AAPD 3rd cheapest of 43 funds

QCMD 8th cheapest of 43 funds

AAPD vs QCMD Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
AAPD 4.51%, better
QCMD 3.20%
Payout (12M)
AAPD $0.45
QCMD $0.55
Last payment
AAPD $0.18
QCMD $0.11
Ex-dividend
AAPD Sep 22, 2026
QCMD Sep 22, 2026
Paid on
AAPD Sep 29, 2026
QCMD Sep 29, 2026
Frequency
AAPD Quarterly
QCMD Quarterly

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
QCMDQuarterly · 5 paymentsAll QCMD payments⁠
One bar per payment. 5 payments from 2022 to 2026 YTD. Sep 23, 2025 $0.20; Dec 23, 2025 $0.19; Mar 24, 2026 $0.13; Jun 23, 2026 $0.13; Sep 22, 2026 $0.11. Use the arrow keys to read each point.$0$0.2520232026YTD

AAPD vs QCMD 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%QCMD 59.4%since Jul 2025
Return per unit of riskSharpe ratio, 3 years
AAPD −1.32QCMD −0.15since Jul 2025
Worst fallMax drawdown, 5 years
AAPD −63.9%since Aug 2022QCMD −56.0%since Jun 2025
Market sensitivityBeta, 5 years
AAPD −0.84QCMD −3.60

AAPD and QCMD in the news

All news⁠

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