GUSH vs. TMF

Last updated Jun 3, 2026

GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) and TMF (Direxion Daily 20-Year Treasury Bull 3X) are both exchange-traded funds - GUSH is a Leveraged Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry Index (300%), while TMF is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (300%). Both are passively managed. Over the past 10 years, GUSH returned -36.58%/yr vs -16.47%/yr for TMF. At a correlation of -0.25, they often move in opposite directions. GUSH charges 1.17%/yr vs 1.09%/yr for TMF.

Performance

GUSH vs. TMF - 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 20-Year Treasury Bull 3X (TMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GUSH achieves a 69.71% return, which is significantly higher than TMF's -5.05% return. Over the past 10 years, GUSH has underperformed TMF with an annualized return of -36.58%, while TMF has yielded a comparatively higher -16.47% annualized return.

GUSH

• 1D: 1.40%
• 1M: -9.75%
• YTD: 69.71%
• 6M: 53.49%
• 1Y: 78.64%
• 3Y*: 12.18%
• 5Y*: 10.98%
• 10Y*: -36.58%

TMF

• 1D: 0.63%
• 1M: 0.26%
• YTD: -5.05%
• 6M: -10.01%
• 1Y: 1.66%
• 3Y*: -20.47%
• 5Y*: -29.85%
• 10Y*: -16.47%

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

GUSH vs. TMF - 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	69.71%	-19.39%	-12.73%	-7.23%	66.47%	129.94%	-97.38%	-52.68%	-74.28%	-40.21%
TMF Direxion Daily 20-Year Treasury Bull 3X	-5.05%	-2.94%	-35.95%	-13.01%	-72.60%	-19.80%	39.02%	34.75%	-11.01%	22.72%

Correlation

The correlation between GUSH and TMF is -0.25, 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	-0.25
Correlation (3Y) Calculated over the trailing 3-year period	-0.08
Correlation (5Y) Calculated over the trailing 5-year period	-0.15
Correlation (10Y) Calculated over the trailing 10-year period	-0.23
Correlation (All Time) Calculated using the full available price history since Jun 1, 2015	-0.25

The correlation between GUSH and TMF shifts across timeframes, from -0.25 (all time) to -0.08 (3 years), reflecting how their relationship changes across market environments.

GUSH vs. TMF - Sectors Allocation Comparison

Sectors	GUSH	TMF
Energy	97.2%	-
Basic Materials	2.9%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	18.7%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GUSH vs. TMF — Risk / Return Rank

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

GUSH

GUSH Risk / Return Rank: 42
GUSH Sharpe Ratio Rank: 40
GUSH Sortino Ratio Rank: 36
GUSH Omega Ratio Rank: 35
GUSH Calmar Ratio Rank: 57
GUSH Martin Ratio Rank: 42

TMF

TMF Risk / Return Rank: 9
TMF Sharpe Ratio Rank: 9
TMF Sortino Ratio Rank: 10
TMF Omega Ratio Rank: 10
TMF Calmar Ratio Rank: 8
TMF Martin Ratio Rank: 8

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. TMF - 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 20-Year Treasury Bull 3X (TMF). 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	TMF	Difference
Sharpe ratio Return per unit of total volatility	1.42	0.06	+1.36
Sortino ratio Return per unit of downside risk	1.88	0.29	+1.59
Omega ratio Gain probability vs. loss probability	1.23	1.03	+0.20
Calmar ratio Return relative to maximum drawdown	2.88	-0.04	+2.91
Martin ratio Return relative to average drawdown	6.68	-0.08	+6.76
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. TMF - Sharpe Ratio Comparison

The current GUSH Sharpe Ratio is 1.42, which is higher than the TMF Sharpe Ratio of 0.06. The chart below compares the historical Sharpe Ratios of GUSH and TMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GUSH	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	0.06	+1.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	-0.64	+0.80
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.39	-0.38	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	-0.44	-0.13	-0.30

Drawdowns

GUSH vs. TMF - Drawdown Comparison

The maximum GUSH drawdown since its inception was -99.98%, which is greater than TMF's maximum drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for GUSH and TMF.

Drawdown Indicators

	GUSH	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-92.89%	-7.09%
Max Drawdown (1Y) Largest decline over 1 year	-28.94%	-26.51%	-2.43%
Max Drawdown (3Y) Largest decline over 3 years	-63.59%	-56.31%	-7.28%
Max Drawdown (5Y) Largest decline over 5 years	-73.64%	-88.81%	+15.17%
Max Drawdown (10Y) Largest decline over 10 years	-99.94%	-92.89%	-7.05%
Current Drawdown Current decline from peak	-99.79%	-92.14%	-7.65%
Average Drawdown Average peak-to-trough decline	-92.91%	-43.62%	-49.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.46%	11.42%	+1.04%

Volatility

GUSH vs. TMF - Volatility Comparison

Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a higher volatility of 20.72% compared to Direxion Daily 20-Year Treasury Bull 3X (TMF) at 8.30%. This indicates that GUSH's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUSH	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.72%	8.30%	+12.42%
Volatility (6M) Calculated over the trailing 6-month period	43.44%	19.33%	+24.11%
Volatility (1Y) Calculated over the trailing 1-year period	55.63%	28.86%	+26.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.20%	46.75%	+21.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.74%	43.92%	+49.82%

GUSH vs. TMF - Expense Ratio Comparison

GUSH has a 1.17% expense ratio, which is higher than TMF's 1.09% expense ratio.

Dividends

GUSH vs. TMF - Dividend Comparison

GUSH's dividend yield for the trailing twelve months is around 1.47%, less than TMF's 4.11% 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	1.47%	2.60%	2.96%	3.00%	0.47%	0.00%	0.20%	1.68%	0.17%	0.00%	3.26%
TMF Direxion Daily 20-Year Treasury Bull 3X	4.11%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%	0.00%

Frequently Asked Questions

Can I hold both GUSH and TMF in my portfolio?

GUSH and TMF have a correlation of -0.25, 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 TMF?

GUSH has higher volatility (20.72%) compared to TMF (8.30%). In terms of maximum drawdown, GUSH dropped -99.98% vs TMF's -92.89%.

Which ETF is better, GUSH or TMF?

On 10-year performance, TMF leads with -16.47% vs -36.58% for GUSH. On fees, TMF is cheaper at 1.09% per year. On volatility, TMF has been the lower-risk option at 8.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUSH or TMF?

Over the 10-year period, TMF has performed better with a -16.47% return vs -36.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUSH or TMF?

TMF is cheaper with a 1.09% expense ratio, compared with 1.17% for GUSH.

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

TMF has the higher dividend yield at 4.11%, compared with 1.47% for GUSH.

What is the main difference between GUSH and TMF?

GUSH is categorized as Leveraged Equities, while TMF is Leveraged Bonds. GUSH tracks S&P Oil & Gas Exploration & Production Select Industry Index (300%), while TMF tracks NYSE 20 Year Plus Treasury Bond Index (300%). Their fees differ too: 1.17% for GUSH and 1.09% for TMF.

Which has better risk-adjusted returns?

GUSH currently has the higher Sharpe Ratio (1.42 vs 0.06), 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.