GUSH vs. FNGU

Last updated Jun 13, 2026

GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) and FNGU (MicroSectors FANG+ 3X Leveraged ETNs) are both Leveraged Equities funds - GUSH tracks the S&P Oil & Gas Exploration & Production Select Industry Index (300%) while FNGU tracks the NYSE FANG+ Index (Gross Total Return) (300%). Both are passively managed. Over the past year, GUSH returned 49.53% vs 21.24% for FNGU. At a 0.04 correlation, their price movements are largely independent. GUSH charges 1.17%/yr vs 2.60%/yr for FNGU.

Performance

GUSH vs. FNGU - 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 MicroSectors FANG+ 3X Leveraged ETNs (FNGU). 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 FNGU's 3.96% 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%

FNGU

• 1D: -2.52%
• 1M: -12.41%
• YTD: 3.96%
• 6M: -3.67%
• 1Y: 21.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GUSH vs. FNGU - Yearly Performance Comparison

	2026 (YTD)	2025
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	61.19%	-26.81%
FNGU MicroSectors FANG+ 3X Leveraged ETNs	3.96%	3.02%

Correlation

The correlation between GUSH and FNGU is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.17
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.04

The correlation between GUSH and FNGU shifts across timeframes, from -0.17 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

GUSH vs. FNGU - Sectors Allocation Comparison

Sectors	GUSH	FNGU
Energy	97.2%	-
Basic Materials	2.9%	-
Communication Services	-	29.8%
Consumer Cyclical	-	9.6%
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	60.6%
Utilities	-	-

Return for Risk

GUSH vs. FNGU — 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

FNGU

FNGU Risk / Return Rank: 16
FNGU Sharpe Ratio Rank: 15
FNGU Sortino Ratio Rank: 19
FNGU Omega Ratio Rank: 19
FNGU Calmar Ratio Rank: 14
FNGU Martin Ratio Rank: 14

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. FNGU - 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 MicroSectors FANG+ 3X Leveraged ETNs (FNGU). 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	FNGU	Difference
Sharpe ratio: Return per unit of total volatility	0.89	0.35	+0.54
Sortino ratio: Return per unit of downside risk	1.40	0.87	+0.53
Omega ratio: Gain probability vs. loss probability	1.17	1.11	+0.06
Calmar ratio: Return relative to maximum drawdown	1.72	0.36	+1.36
Martin ratio: Return relative to average drawdown	3.77	0.85	+2.92

GUSH vs. FNGU - Sharpe Ratio Comparison

The current GUSH Sharpe Ratio is 0.89, which is higher than the FNGU Sharpe Ratio of 0.35. The chart below compares the historical Sharpe Ratios of GUSH and FNGU, 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. FNGU - Drawdown Comparison

The maximum GUSH drawdown since its inception was -99.98%, which is greater than FNGU's maximum drawdown of -61.30%. Use the drawdown chart below to compare losses from any high point for GUSH and FNGU.

Drawdown Indicators

	GUSH	FNGU	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-61.30%	-38.68%
Max Drawdown (1Y) Largest decline over 1 year	-28.94%	-59.55%	+30.61%
Max Drawdown (3Y) Largest decline over 3 years	-63.59%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-73.64%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.94%	—	—
Current Drawdown Current decline from peak	-99.80%	-27.36%	-72.44%
Average Drawdown Average peak-to-trough decline	-92.90%	-22.25%	-70.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.16%	24.91%	-11.75%

Volatility

GUSH vs. FNGU - Volatility Comparison

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

Volatility by Period

	GUSH	FNGU	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%	50.15%	-5.74%
Volatility (1Y) Calculated over the trailing 1-year period	56.06%	61.43%	-5.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.35%	79.93%	-11.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.58%	79.93%	+13.65%

GUSH vs. FNGU - Expense Ratio Comparison

GUSH has a 1.17% expense ratio, which is lower than FNGU's 2.60% expense ratio.

Dividends

GUSH vs. FNGU - Dividend Comparison

GUSH's dividend yield for the trailing twelve months is around 1.55%, while FNGU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FNGU MicroSectors FANG+ 3X Leveraged ETNs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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 FNGU in my portfolio?

GUSH and FNGU have a correlation of -0.17, 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 FNGU?

FNGU has higher volatility (27.31%) compared to GUSH (18.07%). In terms of maximum drawdown, GUSH dropped -99.98% vs FNGU's -61.30%.

Which ETF is better, GUSH or FNGU?

On 1-year performance, GUSH leads with 49.53% vs 21.24% for FNGU. On fees, GUSH is cheaper at 1.17% 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 FNGU?

Over the 1-year period, GUSH has performed better with a 49.53% return vs 21.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUSH or FNGU?

GUSH is cheaper with a 1.17% expense ratio, compared with 2.60% for FNGU.

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

GUSH has the higher dividend yield at 1.55%, compared with 0.00% for FNGU.

What is the main difference between GUSH and FNGU?

GUSH tracks S&P Oil & Gas Exploration & Production Select Industry Index (300%), while FNGU tracks NYSE FANG+ Index (Gross Total Return) (300%). They also come from different issuers: Direxion and Bank of Montreal. Their fees differ too: 1.17% for GUSH and 2.60% for FNGU.

Which has better risk-adjusted returns?

GUSH currently has the higher Sharpe Ratio (0.89 vs 0.35), 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.