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EFU vs. GUSH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EFU vs. GUSH

Last updated Jun 4, 2026

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 -19.60%/yr vs -36.44%/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

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

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Returns By Period

In the year-to-date period, EFU achieves a -16.12% return, which is significantly lower than GUSH's 73.56% return. Over the past 10 years, EFU has outperformed GUSH with an annualized return of -19.60%, while GUSH has yielded a comparatively lower -36.44% annualized return.

EFU

1D
1.27%
1M
-7.02%
YTD
-16.12%
6M
-19.44%
1Y
-30.25%
3Y*
-23.88%
5Y*
-15.08%
10Y*
-19.60%

GUSH

1D
2.27%
1M
-12.07%
YTD
73.56%
6M
49.07%
1Y
75.56%
3Y*
13.02%
5Y*
11.54%
10Y*
-36.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EFU vs. GUSH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EFU
ProShares UltraShort MSCI EAFE		-16.12%-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		73.56%-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 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.13

Correlation (3Y)
Calculated over the trailing 3-year period

-0.16

Correlation (5Y)
Calculated over the trailing 5-year period

-0.31

Correlation (10Y)
Calculated over the trailing 10-year period

-0.39

Correlation (All Time)
Calculated using the full available price history since Jun 1, 2015

-0.40

The correlation between EFU and GUSH shifts across timeframes, from -0.40 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort MSCI EAFE

Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares

Often compared with EFU:
EFU vs. EEVEFU vs. EFOEFU vs. VIXYEFU vs. FMAGEFU vs. EETHEFU vs. IDMOEFU vs. GGLL
Often compared with GUSH:
GUSH vs. DRIPGUSH vs. ERXGUSH vs. XOPGUSH vs. OILKGUSH vs. XLEGUSH vs. UCOGUSH vs. BRZU

Return for Risk

EFU vs. GUSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EFU
EFU Risk / Return Rank: 11
Overall Rank
EFU Sharpe Ratio Rank: 11
Sharpe Ratio Rank
EFU Sortino Ratio Rank: 22
Sortino Ratio Rank
EFU Omega Ratio Rank: 22
Omega Ratio Rank
EFU Calmar Ratio Rank: 11
Calmar Ratio Rank
EFU Martin Ratio Rank: 11
Martin Ratio Rank
GUSH
GUSH Risk / Return Rank: 3939
Overall Rank
GUSH Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
GUSH Sortino Ratio Rank: 3434
Sortino Ratio Rank
GUSH Omega Ratio Rank: 3434
Omega Ratio Rank
GUSH Calmar Ratio Rank: 5252
Calmar Ratio Rank
GUSH Martin Ratio Rank: 3838
Martin Ratio Rank
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.

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.

EFUGUSHDifference
Sharpe ratioReturn per unit of total volatility
-0.98
1.37

-2.35

Sortino ratioReturn per unit of downside risk
-1.36
1.84

-3.20

Omega ratioGain probability vs. loss probability

0.84

1.23

-0.39

Calmar ratioReturn relative to maximum drawdown

-0.89

2.62

-3.51

Martin ratioReturn relative to average drawdown

-1.50

6.06

-7.56

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFU vs. GUSH - Sharpe Ratio Comparison

The current EFU Sharpe Ratio is -0.98, which is lower than the GUSH Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of EFU 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.

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Sharpe Ratios by Period

EFUGUSHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.98

1.37

-2.35

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.45

0.17

-0.62

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.57

-0.39

-0.19

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.44

-0.44

0.00

Drawdowns

EFU vs. GUSH - Drawdown Comparison

The maximum EFU drawdown since its inception was -99.36%, 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

EFUGUSHDifference

Max Drawdown

Largest peak-to-trough decline

-99.36%

-99.98%

+0.62%

Max Drawdown (1Y)

Largest decline over 1 year

-34.19%

-28.94%

-5.25%

Max Drawdown (3Y)

Largest decline over 3 years

-64.29%

-63.59%

-0.70%

Max Drawdown (5Y)

Largest decline over 5 years

-75.42%

-73.64%

-1.78%

Max Drawdown (10Y)

Largest decline over 10 years

-90.41%

-99.94%

+9.53%

Current Drawdown

Current decline from peak

-99.35%

-99.79%

+0.44%

Average Drawdown

Average peak-to-trough decline

-87.13%

-92.92%

+5.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

20.14%

12.52%

+7.62%

Volatility

EFU vs. GUSH - Volatility Comparison

The current volatility for ProShares UltraShort MSCI EAFE (EFU) is 10.10%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 20.17%. 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

EFUGUSHDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.10%

20.17%

-10.07%

Volatility (6M)

Calculated over the trailing 6-month period

26.06%

43.47%

-17.41%

Volatility (1Y)

Calculated over the trailing 1-year period

30.91%

55.62%

-24.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.34%

68.21%

-34.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.20%

93.72%

-59.52%

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 5.38%, more than GUSH's 1.44% yield.

PositionTTM2025202420232022202120202019201820172016
EFU
ProShares UltraShort MSCI EAFE		5.38%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		1.44%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 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GUSH has higher volatility (20.17%) compared to EFU (10.10%). In terms of maximum drawdown, EFU dropped -99.36% vs GUSH's -99.98%.

On 10-year performance, EFU leads with -19.60% vs -36.44% for GUSH. On fees, EFU is cheaper at 0.95% per year. On volatility, EFU has been the lower-risk option at 10.10%. 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 -19.60% return vs -36.44%. 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 5.38%, compared with 1.44% 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 (1.37 vs -0.98), 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.

Portfolio Optimizer

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