GUSH vs. UDOW

Last updated Jun 13, 2026

GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) and UDOW (ProShares UltraPro Dow30) are both Leveraged Equities funds - GUSH tracks the S&P Oil & Gas Exploration & Production Select Industry Index (300%) while UDOW tracks the Dow Jones Industrial Average (300%). Both are passively managed. Over the past 10 years, GUSH returned -36.52%/yr vs 23.82%/yr for UDOW. At a 0.46 correlation, their price movements are largely independent. GUSH charges 1.17%/yr vs 0.95%/yr for UDOW.

Performance

GUSH vs. UDOW - 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 Dow30 (UDOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GUSH achieves a 61.19% return, which is significantly higher than UDOW's 14.65% return. Over the past 10 years, GUSH has underperformed UDOW with an annualized return of -36.52%, while UDOW has yielded a comparatively higher 23.82% annualized return.

GUSH

• 1D: 2.06%
• 1M: -5.00%
• YTD: 61.19%
• 6M: 49.15%
• 1Y: 49.53%
• 3Y*: 8.93%
• 5Y*: 9.46%
• 10Y*: -36.52%

UDOW

• 1D: 2.07%
• 1M: 8.49%
• YTD: 14.65%
• 6M: 11.42%
• 1Y: 51.98%
• 3Y*: 32.31%
• 5Y*: 13.79%
• 10Y*: 23.82%

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

GUSH vs. UDOW - 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	61.19%	-19.39%	-12.73%	-7.23%	66.47%	129.94%	-97.38%	-52.68%	-74.28%	-40.21%
UDOW ProShares UltraPro Dow30	14.65%	24.46%	28.47%	32.72%	-32.39%	65.67%	-17.15%	75.24%	-23.86%	99.07%

Correlation

The correlation between GUSH and UDOW is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since May 29, 2015	0.46

The correlation between GUSH and UDOW shifts across timeframes, from -0.09 (1 year) to 0.46 (all time), reflecting how their relationship changes across market environments.

GUSH vs. UDOW - Sectors Allocation Comparison

Sectors	GUSH	UDOW
Energy	97.2%	2.4%
Basic Materials	2.9%	4.0%
Communication Services	-	1.9%
Consumer Cyclical	-	11.6%
Consumer Defensive	-	4.4%
Financial Services	-	27.2%
Healthcare	-	13.1%
Industrials	-	18.4%
Real Estate	-	-
Technology	-	17.1%
Utilities	-	-

Return for Risk

GUSH vs. UDOW — Risk / Return Rank

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

GUSH

GUSH Risk / Return Rank: 31
GUSH Sharpe Ratio Rank: 28
GUSH Sortino Ratio Rank: 28
GUSH Omega Ratio Rank: 28
GUSH Calmar Ratio Rank: 40
GUSH Martin Ratio Rank: 30

UDOW

UDOW Risk / Return Rank: 44
UDOW Sharpe Ratio Rank: 45
UDOW Sortino Ratio Rank: 44
UDOW Omega Ratio Rank: 41
UDOW Calmar Ratio Rank: 42
UDOW Martin Ratio Rank: 45

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. UDOW - 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 Dow30 (UDOW). 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	UDOW	Difference
Sharpe ratio: Return per unit of total volatility	0.89	1.40	-0.51
Sortino ratio: Return per unit of downside risk	1.40	1.99	-0.59
Omega ratio: Gain probability vs. loss probability	1.17	1.24	-0.07
Calmar ratio: Return relative to maximum drawdown	1.72	1.86	-0.14
Martin ratio: Return relative to average drawdown	3.77	6.59	-2.82

GUSH vs. UDOW - Sharpe Ratio Comparison

The current GUSH Sharpe Ratio is 0.89, which is lower than the UDOW Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of GUSH and UDOW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GUSH vs. UDOW - Drawdown Comparison

The maximum GUSH drawdown since its inception was -99.98%, which is greater than UDOW's maximum drawdown of -80.29%. Use the drawdown chart below to compare losses from any high point for GUSH and UDOW.

Drawdown Indicators

	GUSH	UDOW	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-80.29%	-19.69%
Max Drawdown (1Y) Largest decline over 1 year	-28.94%	-28.07%	-0.87%
Max Drawdown (3Y) Largest decline over 3 years	-63.59%	-44.83%	-18.76%
Max Drawdown (5Y) Largest decline over 5 years	-73.64%	-55.79%	-17.85%
Max Drawdown (10Y) Largest decline over 10 years	-99.94%	-80.29%	-19.65%
Current Drawdown Current decline from peak	-99.80%	-2.65%	-97.15%
Average Drawdown Average peak-to-trough decline	-92.90%	-14.37%	-78.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.16%	7.94%	+5.22%

Volatility

GUSH vs. UDOW - Volatility Comparison

Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a higher volatility of 18.07% compared to ProShares UltraPro Dow30 (UDOW) at 12.92%. This indicates that GUSH's price experiences larger fluctuations and is considered to be riskier than UDOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUSH	UDOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.07%	12.92%	+5.15%
Volatility (6M) Calculated over the trailing 6-month period	44.41%	29.12%	+15.29%
Volatility (1Y) Calculated over the trailing 1-year period	56.06%	37.38%	+18.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.35%	44.39%	+23.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.58%	51.84%	+41.74%

GUSH vs. UDOW - Expense Ratio Comparison

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

Dividends

GUSH vs. UDOW - Dividend Comparison

GUSH's dividend yield for the trailing twelve months is around 1.55%, more than UDOW's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	1.55%	2.60%	2.96%	3.00%	0.47%	0.00%	0.20%	1.68%	0.17%	0.00%	3.26%	0.00%
UDOW ProShares UltraPro Dow30	1.18%	1.38%	0.95%	0.95%	0.83%	0.26%	0.19%	0.61%	0.73%	0.13%	0.26%	0.21%

Frequently Asked Questions

Can I hold both GUSH and UDOW in my portfolio?

GUSH and UDOW have a correlation of -0.09, 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 UDOW?

GUSH has higher volatility (18.07%) compared to UDOW (12.92%). In terms of maximum drawdown, GUSH dropped -99.98% vs UDOW's -80.29%.

Which ETF is better, GUSH or UDOW?

On 10-year performance, UDOW leads with 23.82% vs -36.52% for GUSH. On fees, UDOW is cheaper at 0.95% per year. On volatility, UDOW has been the lower-risk option at 12.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUSH or UDOW?

Over the 10-year period, UDOW has performed better with a 23.82% return vs -36.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUSH or UDOW?

UDOW is cheaper with a 0.95% expense ratio, compared with 1.17% for GUSH.

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

GUSH has the higher dividend yield at 1.55%, compared with 1.18% for UDOW.

What is the main difference between GUSH and UDOW?

GUSH tracks S&P Oil & Gas Exploration & Production Select Industry Index (300%), while UDOW tracks Dow Jones Industrial Average (300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.17% for GUSH and 0.95% for UDOW.

Which has better risk-adjusted returns?

UDOW currently has the higher Sharpe Ratio (1.40 vs 0.89), 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.