BZQ vs. GUSH
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 -36.54%/yr vs -35.96%/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
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Returns By Period
In the year-to-date period, BZQ achieves a -21.77% return, which is significantly lower than GUSH's 41.97% return. Both investments have delivered pretty close results over the past 10 years, with BZQ having a -36.54% annualized return and GUSH not far ahead at -35.96%.
BZQ
- 1D
- -2.44%
- 1M
- 11.18%
- YTD
- -21.77%
- 6M
- -23.48%
- 1Y
- -46.45%
- 3Y*
- -19.84%
- 5Y*
- -21.85%
- 10Y*
- -36.54%
GUSH
- 1D
- 1.98%
- 1M
- -13.40%
- YTD
- 41.97%
- 6M
- 42.23%
- 1Y
- 37.49%
- 3Y*
- 5.70%
- 5Y*
- 5.73%
- 10Y*
- -35.96%
BZQ vs. GUSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | -21.77% | -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 | 41.97% | -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 | -0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.35 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | -0.37 |
Over the past year, the inverse relationship between BZQ and GUSH has weakened: their correlation has moved from -0.37 to -0.01, meaning they move in opposite directions less often than they have historically.
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Return for Risk
BZQ vs. GUSH — Risk / Return Rank
BZQ
GUSH
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BZQ | GUSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.60 | ||
| Sortino ratioReturn per unit of downside risk | -2.59 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.14 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 1.04 | -1.76 |
| Martin ratioReturn relative to average drawdown | -1.11 | 2.66 | -3.78 |
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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.
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Drawdown Indicators
| BZQ | GUSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -99.98% | +0.16% |
Max Drawdown (1Y)Largest decline over 1 year | -65.20% | -36.18% | -29.02% |
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 | -99.19% | -99.94% | +0.75% |
Current DrawdownCurrent decline from peak | -99.74% | -99.83% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -84.57% | -92.92% | +8.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.72% | 14.11% | +27.61% |
Volatility
BZQ vs. GUSH - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Brazil Capped (BZQ) is 12.14%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 16.93%. 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.
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Volatility by Period
| BZQ | GUSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.14% | 16.93% | -4.79% |
Volatility (6M)Calculated over the trailing 6-month period | 39.57% | 44.19% | -4.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.07% | 56.17% | -6.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.29% | 68.19% | -12.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.73% | 93.40% | -26.67% |
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 7.06%, more than GUSH's 1.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 7.06% | 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 | 1.54% | 2.60% | 2.96% | 3.00% | 0.47% | 0.00% | 0.20% | 1.68% | 0.17% | 0.00% | 3.26% |
Frequently Asked Questions
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.
GUSH has higher volatility (16.93%) compared to BZQ (12.14%). In terms of maximum drawdown, BZQ dropped -99.82% vs GUSH's -99.98%.
On 10-year performance, GUSH leads with -35.96% vs -36.54% for BZQ. On fees, BZQ is cheaper at 0.95% per year. On volatility, BZQ has been the lower-risk option at 12.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GUSH has performed better with a -35.96% return vs -36.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BZQ is cheaper with a 0.95% expense ratio, compared with 1.17% for GUSH.
BZQ has the higher dividend yield at 7.06%, compared with 1.54% for 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.
GUSH currently has the higher Sharpe Ratio (0.67 vs -0.93), 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.
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