GUSH vs. SQQQ

Last updated Apr 2, 2026

Compare and contrast key facts about Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) and ProShares UltraPro Short QQQ (SQQQ).

GUSH and SQQQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GUSH is a passively managed fund by Direxion that tracks the performance of the S&P Oil & Gas Exploration & Production Select Industry Index (300%). It was launched on Apr 1, 2020. SQQQ is a passively managed fund by ProShares that tracks the performance of the NASDAQ-100 Index (-300%). It was launched on Feb 9, 2010. Both GUSH and SQQQ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

GUSH vs. SQQQ - 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 ProShares UltraPro Short QQQ (SQQQ). The values are adjusted to include any dividend payments, if applicable.

GUSH vs. SQQQ - 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	87.03%	-19.39%	-12.73%	-7.23%	66.47%	129.94%	-97.38%	-52.68%	-74.28%	-40.21%
SQQQ ProShares UltraPro Short QQQ	13.99%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%

Returns By Period

In the year-to-date period, GUSH achieves a 87.03% return, which is significantly higher than SQQQ's 13.99% return. Over the past 10 years, GUSH has outperformed SQQQ with an annualized return of -32.91%, while SQQQ has yielded a comparatively lower -52.71% annualized return.

GUSH

• 1D: -7.69%
• 1M: 19.66%
• YTD: 87.03%
• 6M: 61.77%
• 1Y: 53.22%
• 3Y*: 12.65%
• 5Y*: 17.99%
• 10Y*: -32.91%

SQQQ

• 1D: -3.78%
• 1M: 10.61%
• YTD: 13.99%
• 6M: 6.42%
• 1Y: -56.13%
• 3Y*: -49.39%
• 5Y*: -42.70%
• 10Y*: -52.71%

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

GUSH vs. SQQQ - Expense Ratio Comparison

GUSH has a 1.17% expense ratio, which is higher than SQQQ's 0.95% expense ratio.

GUSH

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

SQQQ

ProShares UltraPro Short QQQ

Return for Risk

GUSH vs. SQQQ — Risk / Return Rank

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

GUSH

GUSH Risk / Return Rank: 43
GUSH Sharpe Ratio Rank: 40
GUSH Sortino Ratio Rank: 48
GUSH Omega Ratio Rank: 48
GUSH Calmar Ratio Rank: 46
GUSH Martin Ratio Rank: 34

SQQQ

SQQQ Risk / Return Rank: 2
SQQQ Sharpe Ratio Rank: 1
SQQQ Sortino Ratio Rank: 1
SQQQ Omega Ratio Rank: 1
SQQQ Calmar Ratio Rank: 1
SQQQ Martin Ratio Rank: 5

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. SQQQ - 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 ProShares UltraPro Short QQQ (SQQQ). 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.

	GUSH	SQQQ	Difference
Sharpe ratio Return per unit of total volatility	0.79	-0.84	+1.63
Sortino ratio Return per unit of downside risk	1.35	-1.14	+2.49
Omega ratio Gain probability vs. loss probability	1.19	0.84	+0.35
Calmar ratio Return relative to maximum drawdown	1.26	-0.76	+2.02
Martin ratio Return relative to average drawdown	3.14	-0.87	+4.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GUSH vs. SQQQ - Sharpe Ratio Comparison

The current GUSH Sharpe Ratio is 0.79, which is higher than the SQQQ Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of GUSH and SQQQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GUSH	SQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	-0.84	+1.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	-0.64	+0.91
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.35	-0.80	+0.45
Sharpe Ratio (All Time) Calculated using the full available price history	-0.43	-0.85	+0.41

Correlation

The correlation between GUSH and SQQQ is -0.31. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

GUSH vs. SQQQ - Dividend Comparison

GUSH's dividend yield for the trailing twelve months is around 1.33%, less than SQQQ's 5.99% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	1.33%	2.60%	2.96%	3.00%	0.47%	0.00%	0.20%	1.68%	0.17%	0.00%	3.26%
SQQQ ProShares UltraPro Short QQQ	5.99%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%	0.00%

Drawdowns

GUSH vs. SQQQ - Drawdown Comparison

The maximum GUSH drawdown since its inception was -99.98%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for GUSH and SQQQ.

Drawdown Indicators

	GUSH	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-100.00%	+0.02%
Max Drawdown (1Y) Largest decline over 1 year	-43.67%	-75.23%	+31.56%
Max Drawdown (5Y) Largest decline over 5 years	-73.64%	-95.36%	+21.72%
Max Drawdown (10Y) Largest decline over 10 years	-99.94%	-99.96%	+0.02%
Current Drawdown Current decline from peak	-99.77%	-100.00%	+0.23%
Average Drawdown Average peak-to-trough decline	-92.81%	-92.32%	-0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.57%	65.40%	-47.83%

Volatility

GUSH vs. SQQQ - Volatility Comparison

The current volatility for Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) is 16.69%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 19.98%. This indicates that GUSH experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUSH	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.69%	19.98%	-3.29%
Volatility (6M) Calculated over the trailing 6-month period	39.24%	38.23%	+1.01%
Volatility (1Y) Calculated over the trailing 1-year period	67.59%	67.38%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.73%	66.65%	+2.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	94.30%	65.97%	+28.33%