GUSH vs. SPXS
GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - GUSH is a Leveraged Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry Index (300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, GUSH returned -36.10%/yr vs -41.33%/yr for SPXS. At a correlation of -0.44, they often move in opposite directions. GUSH charges 1.17%/yr vs 1.08%/yr for SPXS.
Performance
GUSH vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, GUSH achieves a 62.18% return, which is significantly higher than SPXS's -25.28% return. Over the past 10 years, GUSH has outperformed SPXS with an annualized return of -36.10%, while SPXS has yielded a comparatively lower -41.33% annualized return.
GUSH
- 1D
- 0.66%
- 1M
- 0.61%
- 6M
- 54.35%
- YTD
- 62.18%
- 1Y
- 44.60%
- 3Y*
- 7.58%
- 5Y*
- 15.58%
- 10Y*
- -36.10%
SPXS
- 1D
- -1.03%
- 1M
- -4.29%
- 6M
- -21.61%
- YTD
- -25.28%
- 1Y
- -40.98%
- 3Y*
- -39.81%
- 5Y*
- -33.39%
- 10Y*
- -41.33%
GUSH vs. SPXS - 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 | 62.18% | -19.39% | -12.73% | -7.23% | 66.47% | 129.94% | -97.38% | -52.68% | -74.28% | -40.21% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.28% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between GUSH and SPXS 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 | -0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.42 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | -0.44 |
The correlation between GUSH and SPXS shifts across timeframes, from -0.44 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GUSH vs. SPXS — Risk / Return Rank
GUSH
SPXS
GUSH vs. SPXS - 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 S&P 500 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.89 | ||
| Sortino ratioReturn per unit of downside risk | +3.00 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.82 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 1.24 | -0.94 | +2.18 |
| Martin ratioReturn relative to average drawdown | 2.88 | -1.63 | +4.51 |
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Drawdowns
GUSH vs. SPXS - Drawdown Comparison
The maximum GUSH drawdown since its inception was -99.98%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for GUSH and SPXS.
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Drawdown Indicators
| GUSH | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -100.00% | +0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -36.18% | -43.64% | +7.46% |
Max Drawdown (3Y)Largest decline over 3 years | -63.59% | -84.13% | +20.54% |
Max Drawdown (5Y)Largest decline over 5 years | -73.64% | -90.11% | +16.47% |
Max Drawdown (10Y)Largest decline over 10 years | -99.94% | -99.56% | -0.38% |
Current DrawdownCurrent decline from peak | -99.80% | -100.00% | +0.20% |
Average DrawdownAverage peak-to-trough decline | -92.95% | -96.30% | +3.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.62% | 25.12% | -9.50% |
Volatility
GUSH vs. SPXS - Volatility Comparison
Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a higher volatility of 15.95% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 11.89%. This indicates that GUSH's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GUSH | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.95% | 11.89% | +4.06% |
Volatility (6M)Calculated over the trailing 6-month period | 44.34% | 30.01% | +14.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.53% | 37.64% | +18.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.86% | 50.75% | +17.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.98% | 53.52% | +39.46% |
GUSH vs. SPXS - Expense Ratio Comparison
GUSH has a 1.17% expense ratio, which is higher than SPXS's 1.08% expense ratio.
Dividends
GUSH vs. SPXS - Dividend Comparison
GUSH's dividend yield for the trailing twelve months is around 1.34%, less than SPXS's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares | 1.34% | 2.60% | 2.96% | 3.00% | 0.47% | 0.00% | 0.20% | 1.68% | 0.17% | 0.00% | 3.26% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.54% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% | 0.00% |
Frequently Asked Questions
GUSH and SPXS 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 (15.95%) compared to SPXS (11.89%). In terms of maximum drawdown, GUSH dropped -99.98% vs SPXS's -100.00%.
On 10-year performance, GUSH leads with -36.10% vs -41.33% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, SPXS has been the lower-risk option at 11.89%. 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 -36.10% return vs -41.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXS is cheaper with a 1.08% expense ratio, compared with 1.17% for GUSH.
SPXS has the higher dividend yield at 4.54%, compared with 1.34% for GUSH.
GUSH is categorized as Leveraged Equities, while SPXS is Inverse Equities. GUSH tracks S&P Oil & Gas Exploration & Production Select Industry Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.17% for GUSH and 1.08% for SPXS.
GUSH currently has the higher Sharpe Ratio (0.79 vs -1.09), 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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