GUSH vs. TMF
GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) 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 ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 10 years, GUSH returned -35.47%/yr vs -18.33%/yr for TMF. Their -0.26 correlation means they have often moved in opposite directions in the past. GUSH charges 1.17%/yr vs 1.01%/yr for TMF.
Performance
GUSH vs. TMF - 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 TMF's -15.88% return. Over the past 10 years, GUSH has underperformed TMF with an annualized return of -35.47%, while TMF has yielded a comparatively higher -18.33% 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%
TMF
- 1D
- 0.95%
- 1M
- -11.21%
- 6M
- -14.16%
- YTD
- -15.88%
- 1Y
- -17.67%
- 3Y*
- -18.84%
- 5Y*
- -35.05%
- 10Y*
- -18.33%
- ALL TIME*
- -6.63%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $35.17M | $33.48M | $31.85M | |
| $168.22M | $133.63M | $127.70M |
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 | 78.07% | -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 ETF | -15.88% | -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 -0.31, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.31 |
Correlation (3Y) Balances recent behavior with more history. | -0.11 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.23 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | -0.26 |
The correlation between GUSH and TMF shifts across timeframes, from -0.31 (1 year) to -0.11 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
GUSH vs. TMF — Risk / Return Rank
GUSH
TMF
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 ETF (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.
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 | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.11 | ||
| Sortino ratioReturn per unit of downside risk | +2.72 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.91 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | -0.62 | +2.88 |
| Martin ratioReturn relative to average drawdown | 5.11 | -1.25 | +6.36 |
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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 -93.10%. Use the drawdown chart below to compare losses from any high point for GUSH and TMF.
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Drawdown Indicators
| GUSH | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -93.10% | -6.88% |
Max Drawdown (1Y)Largest decline over 1 year | -36.18% | -28.69% | -7.49% |
Max Drawdown (3Y)Largest decline over 3 years | -63.59% | -50.64% | -12.95% |
Max Drawdown (5Y)Largest decline over 5 years | -73.64% | -89.14% | +15.50% |
Max Drawdown (10Y)Largest decline over 10 years | -99.94% | -93.10% | -6.84% |
Current DrawdownCurrent decline from peak | -99.78% | -93.04% | -6.74% |
Average DrawdownAverage peak-to-trough decline | -92.98% | -44.08% | -48.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.99% | 14.21% | +1.78% |
Volatility
GUSH vs. TMF - 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 20+ Year Treasury Bull 3X ETF (TMF) at 7.36%. 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.
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Volatility by Period
| GUSH | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.07% | 7.36% | +9.71% |
Volatility (6M)Calculated over the trailing 6-month period | 45.28% | 19.96% | +25.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.62% | 27.08% | +29.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.48% | 46.37% | +21.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.80% | 43.71% | +49.09% |
GUSH vs. TMF - Expense Ratio Comparison
GUSH has a 1.17% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
GUSH vs. TMF - Dividend Comparison
GUSH's dividend yield for the trailing twelve months is around 1.22%, less than TMF's 4.69% 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% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.69% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% | 0.00% |
Frequently Asked Questions
GUSH and TMF have a correlation of -0.31, 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 TMF (7.36%). In terms of maximum drawdown, GUSH dropped -99.98% vs TMF's -93.10%.
On 10-year performance, TMF leads with -18.33% vs -35.47% for GUSH. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TMF has performed better with a -18.33% return vs -35.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.17% for GUSH.
TMF has the higher dividend yield at 4.69%, compared with 1.22% for GUSH.
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 ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.17% for GUSH and 1.01% for TMF.
GUSH currently has the higher Sharpe Ratio (1.45 vs -0.66), 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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