GUSH vs. UCO
GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - GUSH is a Leveraged Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry Index (300%), while UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Both are passively managed. Over the past 10 years, GUSH returned -37.01%/yr vs 19.46%/yr for UCO. A 0.66 correlation means they provide meaningful diversification when combined. GUSH charges 1.17%/yr vs 0.95%/yr for UCO.
Performance
GUSH vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, GUSH achieves a 42.54% return, which is significantly lower than UCO's 81.88% return. Over the past 10 years, GUSH has underperformed UCO with an annualized return of -37.01%, while UCO has yielded a comparatively higher 19.46% 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%
UCO
- 1D
- -1.26%
- 1M
- -25.61%
- YTD
- 81.88%
- 6M
- 76.32%
- 1Y
- 42.04%
- 3Y*
- 15.38%
- 5Y*
- 12.42%
- 10Y*
- 19.46%
GUSH vs. UCO - 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% |
UCO ProShares Ultra Bloomberg Crude Oil | 81.88% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
Correlation
The correlation between GUSH and UCO is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | 0.66 |
The correlation between GUSH and UCO has been stable across timeframes, ranging from 0.64 to 0.68 - a consistent structural relationship.
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Return for Risk
GUSH vs. UCO — Risk / Return Rank
GUSH
UCO
GUSH vs. UCO - 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 Ultra Bloomberg Crude Oil (UCO). 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 | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.16 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.88 | 1.30 | -0.42 |
| Martin ratioReturn relative to average drawdown | 2.32 | 2.61 | -0.29 |
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Drawdowns
GUSH vs. UCO - Drawdown Comparison
The maximum GUSH drawdown since its inception was -99.98%, roughly equal to the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for GUSH and UCO.
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Drawdown Indicators
| GUSH | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -99.86% | -0.12% |
Max Drawdown (1Y)Largest decline over 1 year | -36.18% | -32.37% | -3.81% |
Max Drawdown (3Y)Largest decline over 3 years | -63.59% | -50.38% | -13.21% |
Max Drawdown (5Y)Largest decline over 5 years | -73.64% | -67.24% | -6.40% |
Max Drawdown (10Y)Largest decline over 10 years | -99.94% | -96.50% | -3.44% |
Current DrawdownCurrent decline from peak | -99.83% | -85.89% | -13.94% |
Average DrawdownAverage peak-to-trough decline | -92.92% | -82.11% | -10.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.77% | 16.23% | -2.46% |
Volatility
GUSH vs. UCO - Volatility Comparison
Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a higher volatility of 18.01% compared to ProShares Ultra Bloomberg Crude Oil (UCO) at 16.11%. This indicates that GUSH's price experiences larger fluctuations and is considered to be riskier than UCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GUSH | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.01% | 16.11% | +1.90% |
Volatility (6M)Calculated over the trailing 6-month period | 44.07% | 48.06% | -3.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.58% | 57.57% | -0.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.20% | 60.09% | +8.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 93.43% | 317.77% | -224.34% |
GUSH vs. UCO - Expense Ratio Comparison
GUSH has a 1.17% expense ratio, which is higher than UCO's 0.95% expense ratio.
Dividends
GUSH vs. UCO - Dividend Comparison
GUSH's dividend yield for the trailing twelve months is around 1.75%, while UCO has not paid dividends to shareholders.
| 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% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GUSH and UCO have a correlation of 0.68, 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 UCO (16.11%). In terms of maximum drawdown, GUSH dropped -99.98% vs UCO's -99.86%.
On 10-year performance, UCO leads with 19.46% vs -37.01% for GUSH. On fees, UCO is cheaper at 0.95% per year. On volatility, UCO has been the lower-risk option at 16.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UCO has performed better with a 19.46% return vs -37.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCO is cheaper with a 0.95% expense ratio, compared with 1.17% for GUSH.
GUSH has the higher dividend yield at 1.75%, compared with 0.00% for UCO.
GUSH is categorized as Leveraged Equities, while UCO is Oil & Gas. GUSH tracks S&P Oil & Gas Exploration & Production Select Industry Index (300%), while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.17% for GUSH and 0.95% for UCO.
UCO currently has the higher Sharpe Ratio (0.75 vs 0.57), 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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