GUSH vs. DFEN

Last updated Jun 13, 2026

GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both Leveraged Equities funds from Direxion - GUSH tracks the S&P Oil & Gas Exploration & Production Select Industry Index (300%) while DFEN tracks the Dow Jones U.S. Select Aerospace & Defense Index (300%). Both are passively managed. Over the past 5 years, GUSH returned 9.46%/yr vs 29.22%/yr for DFEN. At a 0.44 correlation, their price movements are largely independent. GUSH charges 1.17%/yr vs 0.99%/yr for DFEN.

Performance

GUSH vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) and Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GUSH achieves a 61.19% return, which is significantly higher than DFEN's 13.12% return.

GUSH

• 1D: 2.06%
• 1M: -5.00%
• YTD: 61.19%
• 6M: 49.15%
• 1Y: 49.53%
• 3Y*: 8.93%
• 5Y*: 9.46%
• 10Y*: -36.52%

DFEN

• 1D: -2.71%
• 1M: 7.74%
• YTD: 13.12%
• 6M: 20.44%
• 1Y: 76.99%
• 3Y*: 64.38%
• 5Y*: 29.22%
• 10Y*: —

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

GUSH vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	61.19%	-19.39%	-12.73%	-7.23%	66.47%	129.94%	-97.38%	-52.68%	-74.28%	7.93%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	13.12%	156.62%	27.07%	24.70%	6.99%	12.72%	-70.23%	95.09%	-32.86%	83.64%

Correlation

The correlation between GUSH and DFEN is -0.08, 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	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.44

The correlation between GUSH and DFEN shifts across timeframes, from -0.08 (1 year) to 0.44 (all time), reflecting how their relationship changes across market environments.

GUSH vs. DFEN - Sectors Allocation Comparison

Sectors	GUSH	DFEN
Energy	97.2%	-
Basic Materials	2.9%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	19.7%
Real Estate	-	-
Technology	-	0.0%
Utilities	-	-

Return for Risk

GUSH vs. DFEN — Risk / Return Rank

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

GUSH

GUSH Risk / Return Rank: 31
GUSH Sharpe Ratio Rank: 28
GUSH Sortino Ratio Rank: 28
GUSH Omega Ratio Rank: 28
GUSH Calmar Ratio Rank: 40
GUSH Martin Ratio Rank: 30

DFEN

DFEN Risk / Return Rank: 38
DFEN Sharpe Ratio Rank: 37
DFEN Sortino Ratio Rank: 40
DFEN Omega Ratio Rank: 36
DFEN Calmar Ratio Rank: 42
DFEN Martin Ratio Rank: 33

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.

GUSH vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) and Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN). 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.

	GUSH	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	0.89	1.18	-0.29
Sortino ratio: Return per unit of downside risk	1.40	1.85	-0.45
Omega ratio: Gain probability vs. loss probability	1.17	1.22	-0.04
Calmar ratio: Return relative to maximum drawdown	1.72	1.85	-0.13
Martin ratio: Return relative to average drawdown	3.77	4.29	-0.52

GUSH vs. DFEN - Sharpe Ratio Comparison

The current GUSH Sharpe Ratio is 0.89, which is comparable to the DFEN Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of GUSH and DFEN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GUSH vs. DFEN - Drawdown Comparison

The maximum GUSH drawdown since its inception was -99.98%, which is greater than DFEN's maximum drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for GUSH and DFEN.

Drawdown Indicators

	GUSH	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-91.36%	-8.62%
Max Drawdown (1Y) Largest decline over 1 year	-28.94%	-41.75%	+12.81%
Max Drawdown (3Y) Largest decline over 3 years	-63.59%	-43.13%	-20.46%
Max Drawdown (5Y) Largest decline over 5 years	-73.64%	-55.30%	-18.34%
Max Drawdown (10Y) Largest decline over 10 years	-99.94%	—	—
Current Drawdown Current decline from peak	-99.80%	-25.87%	-73.93%
Average Drawdown Average peak-to-trough decline	-92.90%	-45.20%	-47.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.16%	17.99%	-4.83%

Volatility

GUSH vs. DFEN - Volatility Comparison

The current volatility for Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) is 18.07%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 27.31%. This indicates that GUSH experiences smaller price fluctuations and is considered to be less risky than DFEN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUSH	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.07%	27.31%	-9.24%
Volatility (6M) Calculated over the trailing 6-month period	44.41%	55.81%	-11.40%
Volatility (1Y) Calculated over the trailing 1-year period	56.06%	65.81%	-9.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.35%	60.74%	+7.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.58%	71.66%	+21.92%

GUSH vs. DFEN - Expense Ratio Comparison

GUSH has a 1.17% expense ratio, which is higher than DFEN's 0.99% expense ratio.

Dividends

GUSH vs. DFEN - Dividend Comparison

GUSH's dividend yield for the trailing twelve months is around 1.55%, less than DFEN's 7.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	7.89%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%	0.00%
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	1.55%	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 GUSH and DFEN in my portfolio?

GUSH and DFEN have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GUSH or DFEN?

DFEN has higher volatility (27.31%) compared to GUSH (18.07%). In terms of maximum drawdown, GUSH dropped -99.98% vs DFEN's -91.36%.

Which ETF is better, GUSH or DFEN?

On 5-year performance, DFEN leads with 29.22% vs 9.46% for GUSH. On fees, DFEN is cheaper at 0.99% per year. On volatility, GUSH has been the lower-risk option at 18.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUSH or DFEN?

Over the 5-year period, DFEN has performed better with a 29.22% return vs 9.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUSH or DFEN?

DFEN is cheaper with a 0.99% expense ratio, compared with 1.17% for GUSH.

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

DFEN has the higher dividend yield at 7.89%, compared with 1.55% for GUSH.

What is the main difference between GUSH and DFEN?

GUSH tracks S&P Oil & Gas Exploration & Production Select Industry Index (300%), while DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300%). Their fees differ too: 1.17% for GUSH and 0.99% for DFEN.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (1.18 vs 0.89), 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.