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AAPD vs TSLS

Direxion Daily AAPL Bear 1X ETF

AAPDANasdaq

Direxion Daily TSLA Bear 1X ETF

TSLSANasdaq

Overlap

Expense ratio

TSLS −0.01pt a year

AAPD0.96%TSLS0.95%

Avg volume · 30D

AAPD 21.5×the volume

AAPD8.8MTSLS410K

3Y return · a year

AAPD +17.2pt

AAPD−21.3%TSLS−38.5%

AAPD vs TSLS Performance

Oct 31, 2025 – Oct 30, 2026

−21.5%AAPD+1.0%TSLS

Oct 31, 2025 to Oct 30, 2026. AAPD −21.5%. TSLS +1.0%. Use the arrow keys to read each point.−10%10%20%30%40%Oct 2025Apr 2026Oct 2026
Expense ratio
AAPD 0.96%
TSLS 0.95%, better
Fund size
AAPD $24M
TSLS $39M
1Y total return
AAPD −21.5%
TSLS +1.0%, better
Yield (12M)
AAPD 4.51%, better
TSLS 3.11%
Holdings
AAPD 4
TSLS 4
Avg volume (30D)
AAPD 8.8M sh, better
TSLS 410K sh
NAV per share
AAPD $9.86
TSLS $50.04
52W range

ETF.net Grade

AAPD: Cost 97, Risk 75, Mission 85, Tradability 80, Holdings not scored, Durability 75. TSLS: Cost 97, Risk 75, Mission 87, Tradability 45, Holdings not scored, Durability 82.
Pillar letters and Scores for AAPD, TSLS, with each pillar’s weight
PillarAAPDTSLS
Cost30% weightA97A97
Mission25% weightA85A87Higher
Risk15% weightA75A75
Tradability15% weightA80HigherC45
Holdings10% weightNot scoredNot scored
Durability5% weightA75A82Higher

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 TSLS 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 TSLS 3rd 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 3ASKHZLeverage Shares 1X Short SK Hynix Daily ETFScore 81
  4. Rank 3ATSLSDirexion Daily TSLA Bear 1X ETFScore 81
  5. Rank 5AAMZDDirexion Daily AMZN Bear 1X ETFScore 80

Our read on each fund

ETF.net Research

AAPDADirexion Daily AAPL Bear 1X ETF

TSLSADirexion Daily TSLA Bear 1X 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.

TSLS The plain short on Tesla: TSLS aims for -1x the stock's daily move, with no leverage stacked on top. Among the small group of Tesla bear funds, it is the cheapest, and the one that dials risk down rather than up.

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.

TSLS The Fund seeks daily inverse investment results by maintaining short exposure to TSLA of approximately -100% of its net assets and generally rebalancing that exposure each 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.
  • TSLS Cheapest of the Tesla short funds at 0.95%, undercutting TSDD (1.13%) and TSLZ (1.05%), and running well below the typical inverse single-stock ETF.
  • Inverse, not leveraged inverse. One unit of short Tesla exposure per dollar, which keeps daily compounding drag milder than the -2x versions of the same trade.direxion.com
  • Trading since 2022 and one of the stronger implementations in the inverse single-stock crowd, with enough daily volume to make in-and-out trading practical.

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.
  • TSLS Exposure resets every trading day. Over any stretch longer than a day, Tesla's volatility compounds and results can drift well away from -1x the stock's move.direxion.com
  • Direxion calls it a short-term trading vehicle that is not appropriate for investors who will not actively monitor it.sec.gov
  • One company, one story. An earnings print, a product event or a headline about its CEO moves the whole position.

Full AAPD profile⁠

Full TSLS profile⁠

AAPD vs TSLS 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 TSLS Cost

Overpaying AAPD vs TSLS

$165

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

  • AAPD 0.96%

    $18,034

  • TSLS 0.95%

    $17,869

$10,000
30 years

Cost over time

  • AAPD 0.96%
  • TSLS 0.95%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530AAPD $18,034TSLS $17,869

Year by year

YearAAPDTSLSOverpaying
10$1,695$1,678$17
20$6,383$6,322$61
30$18,034$17,869$165

Expense ratio

  • 0.96%AAPD
  • 0.95%TSLS, cheaper
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

TSLS 2nd cheapest of 43 funds

AAPD 3rd cheapest of 43 funds

AAPD vs TSLS Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
AAPD 4.51%, better
TSLS 3.11%
Payout (12M)
AAPD $0.45
TSLS $1.57
Last payment
AAPD $0.18
TSLS $0.40
Ex-dividend
AAPD Sep 22, 2026
TSLS Sep 22, 2026
Paid on
AAPD Sep 29, 2026
TSLS Sep 29, 2026
Frequency
AAPD Quarterly
TSLS 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$1020232026YTD
TSLSQuarterly · 18 paymentsAll TSLS payments⁠
One bar per payment. 18 payments from 2022 to 2026 YTD. Sep 20, 2022 $0.23; Dec 8, 2022 $16.19; Dec 20, 2022 $0.56; Mar 21, 2023 $2.55; Jun 21, 2023 $1.86; Sep 19, 2023 $1.80; Dec 21, 2023 $2.29; Mar 19, 2024 $2.40; Jun 25, 2024 $1.68; Sep 24, 2024 $1.39; Dec 23, 2024 $0.66; Mar 25, 2025 $0.76; Jun 24, 2025 $0.53; Sep 23, 2025 $0.40; Dec 23, 2025 $0.49; Mar 24, 2026 $0.34; Jun 23, 2026 $0.34; Sep 22, 2026 $0.40. Use the arrow keys to read each point.$0$1020232026YTD

AAPD vs TSLS 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%, betterTSLS 51.7%
Return per unit of riskSharpe ratio, 3 years
AAPD −1.32TSLS −0.76, better
Worst fallMax drawdown, 5 years
AAPD −63.9%since Aug 2022TSLS −90.7%since Aug 2022
Market sensitivityBeta, 5 years
AAPD −0.84TSLS −1.41

Popular comparisons

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