BZQ vs. GUSH

Last updated Jun 5, 2026

BZQ (ProShares UltraShort MSCI Brazil Capped) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both Leveraged Equities funds - BZQ tracks the MSCI Brazil 25-50 (-200%) while GUSH tracks the S&P Oil & Gas Exploration & Production Select Industry Index (300%). Both are passively managed. Over the past 10 years, BZQ returned -36.94%/yr vs -36.93%/yr for GUSH. At a correlation of -0.37, they often move in opposite directions. BZQ charges 0.95%/yr vs 1.17%/yr for GUSH.

Performance

BZQ vs. GUSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MSCI Brazil Capped (BZQ) and Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BZQ achieves a -22.71% return, which is significantly lower than GUSH's 73.60% return. Both investments have delivered pretty close results over the past 10 years, with BZQ having a -36.94% annualized return and GUSH not far ahead at -36.93%.

BZQ

• 1D: -0.71%
• 1M: 28.30%
• YTD: -22.71%
• 6M: -15.11%
• 1Y: -49.29%
• 3Y*: -24.58%
• 5Y*: -22.10%
• 10Y*: -36.94%

GUSH

• 1D: 0.03%
• 1M: -11.53%
• YTD: 73.60%
• 6M: 49.22%
• 1Y: 84.57%
• 3Y*: 14.08%
• 5Y*: 11.55%
• 10Y*: -36.93%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BZQ vs. GUSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BZQ ProShares UltraShort MSCI Brazil Capped	-22.71%	-57.90%	98.84%	-49.11%	-44.20%	6.45%	-52.88%	-48.20%	-21.52%	-49.73%
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	73.60%	-19.39%	-12.73%	-7.23%	66.47%	129.94%	-97.38%	-52.68%	-74.28%	-40.21%

Correlation

The correlation between BZQ and GUSH is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (3Y) Calculated over the trailing 3-year period	-0.21
Correlation (5Y) Calculated over the trailing 5-year period	-0.31
Correlation (10Y) Calculated over the trailing 10-year period	-0.36
Correlation (All Time) Calculated using the full available price history since Jun 1, 2015	-0.37

The correlation between BZQ and GUSH shifts across timeframes, from -0.37 (all time) to 0.01 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BZQ vs. GUSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BZQ

BZQ Risk / Return Rank: 2
BZQ Sharpe Ratio Rank: 1
BZQ Sortino Ratio Rank: 1
BZQ Omega Ratio Rank: 2
BZQ Calmar Ratio Rank: 3
BZQ Martin Ratio Rank: 3

GUSH

GUSH Risk / Return Rank: 45
GUSH Sharpe Ratio Rank: 45
GUSH Sortino Ratio Rank: 39
GUSH Omega Ratio Rank: 39
GUSH Calmar Ratio Rank: 60
GUSH Martin Ratio Rank: 43

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BZQ vs. GUSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BZQ	GUSH	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	1.54	-2.54
Sortino ratio: Return per unit of downside risk	-1.56	1.98	-3.54
Omega ratio: Gain probability vs. loss probability	0.83	1.25	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.76	2.94	-3.70
Martin ratio: Return relative to average drawdown	-1.23	6.75	-7.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BZQ vs. GUSH - Sharpe Ratio Comparison

The current BZQ Sharpe Ratio is -1.00, which is lower than the GUSH Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of BZQ and GUSH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BZQ	GUSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.00	1.54	-2.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.40	0.17	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.55	-0.40	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	-0.45	-0.44	-0.02

Drawdowns

BZQ vs. GUSH - Drawdown Comparison

The maximum BZQ drawdown since its inception was -99.82%, roughly equal to the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for BZQ and GUSH.

Drawdown Indicators

	BZQ	GUSH	Difference
Max Drawdown Largest peak-to-trough decline	-99.82%	-99.98%	+0.16%
Max Drawdown (1Y) Largest decline over 1 year	-65.20%	-28.94%	-36.26%
Max Drawdown (3Y) Largest decline over 3 years	-77.31%	-63.59%	-13.72%
Max Drawdown (5Y) Largest decline over 5 years	-88.65%	-73.64%	-15.01%
Max Drawdown (10Y) Largest decline over 10 years	-99.33%	-99.94%	+0.61%
Current Drawdown Current decline from peak	-99.75%	-99.79%	+0.04%
Average Drawdown Average peak-to-trough decline	-84.54%	-92.92%	+8.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.12%	12.58%	+27.54%

Volatility

BZQ vs. GUSH - Volatility Comparison

The current volatility for ProShares UltraShort MSCI Brazil Capped (BZQ) is 15.01%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 20.18%. This indicates that BZQ experiences smaller price fluctuations and is considered to be less risky than GUSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BZQ	GUSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.01%	20.18%	-5.17%
Volatility (6M) Calculated over the trailing 6-month period	41.06%	43.32%	-2.26%
Volatility (1Y) Calculated over the trailing 1-year period	49.61%	55.49%	-5.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.23%	68.21%	-12.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.92%	93.70%	-26.78%

BZQ vs. GUSH - Expense Ratio Comparison

BZQ has a 0.95% expense ratio, which is lower than GUSH's 1.17% expense ratio.

Dividends

BZQ vs. GUSH - Dividend Comparison

BZQ's dividend yield for the trailing twelve months is around 7.14%, more than GUSH's 1.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BZQ ProShares UltraShort MSCI Brazil Capped	7.14%	5.96%	3.26%	4.51%	0.22%	0.00%	0.21%	2.13%	0.28%	0.00%	0.00%
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	1.44%	2.60%	2.96%	3.00%	0.47%	0.00%	0.20%	1.68%	0.17%	0.00%	3.26%

Frequently Asked Questions

Can I hold both BZQ and GUSH in my portfolio?

BZQ and GUSH have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BZQ or GUSH?

GUSH has higher volatility (20.18%) compared to BZQ (15.01%). In terms of maximum drawdown, BZQ dropped -99.82% vs GUSH's -99.98%.

Which ETF is better, BZQ or GUSH?

On 10-year performance, GUSH leads with -36.93% vs -36.94% for BZQ. On fees, BZQ is cheaper at 0.95% per year. On volatility, BZQ has been the lower-risk option at 15.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BZQ or GUSH?

Over the 10-year period, GUSH has performed better with a -36.93% return vs -36.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BZQ or GUSH?

BZQ is cheaper with a 0.95% expense ratio, compared with 1.17% for GUSH.

Which ETF pays a higher dividend yield, BZQ or GUSH?

BZQ has the higher dividend yield at 7.14%, compared with 1.44% for GUSH.

What is the main difference between BZQ and GUSH?

BZQ tracks MSCI Brazil 25-50 (-200%), while GUSH tracks S&P Oil & Gas Exploration & Production Select Industry Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for BZQ and 1.17% for GUSH.

Which has better risk-adjusted returns?

GUSH currently has the higher Sharpe Ratio (1.54 vs -1.00), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.