EFU vs. GUSH
EFU (ProShares UltraShort MSCI EAFE) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both Leveraged Equities funds - EFU tracks the MSCI EAFE Index (-200%) while GUSH tracks the S&P Oil & Gas Exploration & Production Select Industry Index (300%). Both are passively managed. Over the past 10 years, EFU returned -20.39%/yr vs -37.01%/yr for GUSH. At a correlation of -0.40, they often move in opposite directions. EFU charges 0.95%/yr vs 1.17%/yr for GUSH.
Performance
EFU vs. GUSH - Performance Comparison
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Returns By Period
In the year-to-date period, EFU achieves a -15.95% return, which is significantly lower than GUSH's 42.54% return. Over the past 10 years, EFU has outperformed GUSH with an annualized return of -20.39%, while GUSH has yielded a comparatively lower -37.01% annualized return.
EFU
- 1D
- 3.98%
- 1M
- -0.13%
- YTD
- -15.95%
- 6M
- -15.28%
- 1Y
- -31.13%
- 3Y*
- -24.16%
- 5Y*
- -15.34%
- 10Y*
- -20.39%
GUSH
- 1D
- -0.22%
- 1M
- -19.15%
- YTD
- 42.54%
- 6M
- 41.51%
- 1Y
- 31.85%
- 3Y*
- 6.88%
- 5Y*
- 6.25%
- 10Y*
- -37.01%
EFU vs. GUSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | -15.95% | -41.07% | -1.04% | -25.36% | 24.26% | -24.58% | -35.54% | -32.71% | 32.32% | -36.87% |
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares | 42.54% | -19.39% | -12.73% | -7.23% | 66.47% | 129.94% | -97.38% | -52.68% | -74.28% | -40.21% |
Correlation
The correlation between EFU and GUSH is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.38 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | -0.40 |
The correlation between EFU and GUSH shifts across timeframes, from -0.40 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EFU vs. GUSH — Risk / Return Rank
EFU
GUSH
EFU vs. GUSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI EAFE (EFU) 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.
| EFU | GUSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -2.42 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.13 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 0.88 | -1.81 |
| Martin ratioReturn relative to average drawdown | -1.53 | 2.32 | -3.85 |
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Drawdowns
EFU vs. GUSH - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.37%, roughly equal to the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for EFU and GUSH.
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Drawdown Indicators
| EFU | GUSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.37% | -99.98% | +0.61% |
Max Drawdown (1Y)Largest decline over 1 year | -33.76% | -36.18% | +2.42% |
Max Drawdown (3Y)Largest decline over 3 years | -64.63% | -63.59% | -1.04% |
Max Drawdown (5Y)Largest decline over 5 years | -75.65% | -73.64% | -2.01% |
Max Drawdown (10Y)Largest decline over 10 years | -90.50% | -99.94% | +9.44% |
Current DrawdownCurrent decline from peak | -99.35% | -99.83% | +0.48% |
Average DrawdownAverage peak-to-trough decline | -87.14% | -92.92% | +5.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.36% | 13.77% | +6.59% |
Volatility
EFU vs. GUSH - Volatility Comparison
The current volatility for ProShares UltraShort MSCI EAFE (EFU) is 11.55%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 18.01%. This indicates that EFU 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
| EFU | GUSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.55% | 18.01% | -6.46% |
Volatility (6M)Calculated over the trailing 6-month period | 27.96% | 44.07% | -16.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.36% | 56.58% | -24.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.60% | 68.20% | -34.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.66% | 93.43% | -59.77% |
EFU vs. GUSH - Expense Ratio Comparison
EFU has a 0.95% expense ratio, which is lower than GUSH's 1.17% expense ratio.
Dividends
EFU vs. GUSH - Dividend Comparison
EFU's dividend yield for the trailing twelve months is around 5.37%, more than GUSH's 1.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | 5.37% | 5.57% | 3.87% | 6.41% | 1.47% | 0.00% | 0.06% | 0.95% | 0.17% | 0.00% | 0.00% |
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares | 1.75% | 2.60% | 2.96% | 3.00% | 0.47% | 0.00% | 0.20% | 1.68% | 0.17% | 0.00% | 3.26% |
Frequently Asked Questions
EFU and GUSH have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GUSH has higher volatility (18.01%) compared to EFU (11.55%). In terms of maximum drawdown, EFU dropped -99.37% vs GUSH's -99.98%.
On 10-year performance, EFU leads with -20.39% vs -37.01% for GUSH. On fees, EFU is cheaper at 0.95% per year. On volatility, EFU has been the lower-risk option at 11.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EFU has performed better with a -20.39% return vs -37.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFU is cheaper with a 0.95% expense ratio, compared with 1.17% for GUSH.
EFU has the higher dividend yield at 5.37%, compared with 1.75% for GUSH.
EFU tracks MSCI EAFE Index (-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 EFU and 1.17% for GUSH.
GUSH currently has the higher Sharpe Ratio (0.57 vs -0.97), 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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