Domesticated apple is a drought-sensitive species that spread from continental to Mediterranean temperate regions, where it can particularly experience prolonged water stress. One strategy to improve drought resistance in apple is engrafting on selected rootstocks. This study explores the potential of fast chlorophyll a fluorescence for the comparison of rootstock sensitivity to drought, looking for significant correlations with fruit productivity. The experiment was conducted in a field located in the coastal Po River Plain, Northern Italy, characterized by a loamy sandy soil, particularly prone to drought (86% sand). Mature plants of apple cv. Superchief® Sandidge engrafted on three different rootstocks (CIVP21pbr, MM106, M26) were monitored throughout the summer of 2021 and compared between irrigated and non-irrigated parcels, and at the end of the season, fruit production was evaluated. Despite soil water tension only reaching −13 kPa, the non-irrigated plants experienced a small but consistent loss of Photosystem II (PSII) activity and a lesser capacity of light energy conservation in the photosynthetic electron transport chain. The fruit weight correlated with PSII photochemical indexes recorded during early drought, particularly FV/FM and PIABS; a correlation emerged between fruit number per plant and median values of electron transport parameters, including PITOT. Although all rootstocks underwent a 40% loss of productivity, the fluorescence parameters revealed a graded susceptibility to drought, M26 > CIVP21pbr > MM106, which matched well with the plant vigour. The least drought-sensitive MM106 produced less numerous but heavier fruits than the other two rootstocks.