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 -35.47%/yr vs -41.26%/yr for SPXS. Their -0.43 correlation means they have often moved in opposite directions in the past. 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 78.07% return, which is significantly higher than SPXS's -26.94% return. Over the past 10 years, GUSH has outperformed SPXS with an annualized return of -35.47%, while SPXS has yielded a comparatively lower -41.26% annualized return.
GUSH
- 1D
- -3.36%
- 1M
- 25.39%
- 6M
- 55.55%
- YTD
- 78.07%
- 1Y
- 81.50%
- 3Y*
- 3.21%
- 5Y*
- 21.93%
- 10Y*
- -35.47%
- ALL TIME*
- -42.06%
SPXS
- 1D
- -4.25%
- 1M
- -4.72%
- 6M
- -23.08%
- YTD
- -26.94%
- 1Y
- -43.54%
- 3Y*
- -40.76%
- 5Y*
- -33.22%
- 10Y*
- -41.26%
- ALL TIME*
- -44.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $35.17M | $33.48M | $31.85M | |
| $311.03M | $277.03M | $339.25M |
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 | 78.07% | -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 | -26.94% | -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 0.14, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.14 |
Correlation (3Y) Balances recent behavior with more history. | -0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.33 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.41 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | -0.43 |
The correlation between GUSH and SPXS shifts across timeframes, from -0.43 (all time) to 0.14 (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 | +2.59 | ||
| Sortino ratioReturn per unit of downside risk | +3.71 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.81 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | -1.04 | +3.30 |
| Martin ratioReturn relative to average drawdown | 5.11 | -1.74 | +6.86 |
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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% | -42.15% | +5.97% |
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 | -99.78% | -100.00% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -92.98% | -96.32% | +3.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.99% | 26.84% | -10.85% |
Volatility
GUSH vs. SPXS - Volatility Comparison
Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a higher volatility of 17.07% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 11.58%. 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 | 17.07% | 11.58% | +5.49% |
Volatility (6M)Calculated over the trailing 6-month period | 45.28% | 30.75% | +14.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.62% | 38.54% | +18.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.48% | 50.81% | +16.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.80% | 53.61% | +39.19% |
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 1.22%, less than SPXS's 4.65% 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 | 1.22% | 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 | 4.65% | 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 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GUSH has higher volatility (17.07%) compared to SPXS (11.58%). In terms of maximum drawdown, GUSH dropped -99.98% vs SPXS's -100.00%.
On 10-year performance, GUSH leads with -35.47% vs -41.26% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, SPXS has been the lower-risk option at 11.58%. 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 -35.47% return vs -41.26%. 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 4.65%, compared with 1.22% 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 (1.45 vs -1.14), 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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