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 -37.01%/yr vs -16.87%/yr for TMF. At a correlation of -0.25, they often move in opposite directions. 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 42.54% return, which is significantly higher than TMF's -4.67% return. Over the past 10 years, GUSH has underperformed TMF with an annualized return of -37.01%, while TMF has yielded a comparatively higher -16.87% annualized return.
GUSH
- 1D
- -0.22%
- 1M
- -19.15%
- YTD
- 42.54%
- 6M
- 41.51%
- 1Y
- 31.85%
- 3Y*
- 6.88%
- 5Y*
- 6.25%
- 10Y*
- -37.01%
TMF
- 1D
- -0.62%
- 1M
- 4.96%
- YTD
- -4.67%
- 6M
- -5.95%
- 1Y
- -2.80%
- 3Y*
- -21.07%
- 5Y*
- -31.33%
- 10Y*
- -16.87%
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 | 42.54% | -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 | -4.67% | -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 -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
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 May 29, 2015 | -0.25 |
The correlation between GUSH and TMF shifts across timeframes, from -0.27 (1 year) to -0.09 (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 | +0.67 | ||
| Sortino ratioReturn per unit of downside risk | +1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.01 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.88 | -0.11 | +0.99 |
| Martin ratioReturn relative to average drawdown | 2.32 | -0.23 | +2.55 |
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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 -92.89%. 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% | -92.89% | -7.09% |
Max Drawdown (1Y)Largest decline over 1 year | -36.18% | -26.51% | -9.67% |
Max Drawdown (3Y)Largest decline over 3 years | -63.59% | -56.09% | -7.50% |
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 DrawdownCurrent decline from peak | -99.83% | -92.11% | -7.72% |
Average DrawdownAverage peak-to-trough decline | -92.92% | -43.76% | -49.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.77% | 12.26% | +1.51% |
Volatility
GUSH vs. TMF - Volatility Comparison
Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a higher volatility of 18.01% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 6.50%. 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 | 18.01% | 6.50% | +11.51% |
Volatility (6M)Calculated over the trailing 6-month period | 44.07% | 19.35% | +24.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.58% | 27.91% | +28.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.20% | 46.59% | +21.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 93.43% | 43.86% | +49.57% |
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 1.75%, less than TMF's 4.09% 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 | 1.75% | 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 | 4.09% | 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 -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GUSH has higher volatility (18.01%) compared to TMF (6.50%). In terms of maximum drawdown, GUSH dropped -99.98% vs TMF's -92.89%.
On 10-year performance, TMF leads with -16.87% vs -37.01% for GUSH. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 6.50%. 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 -16.87% return vs -37.01%. 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 4.09%, compared with 1.75% 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 (0.57 vs -0.10), 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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