GUSH vs. USO

Last updated Jun 3, 2026

GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) and USO (United States Oil Fund LP) are both exchange-traded funds - GUSH is a Leveraged Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry Index (300%), while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, GUSH returned -36.58%/yr vs 3.80%/yr for USO. A 0.64 correlation means they provide meaningful diversification when combined. GUSH charges 1.17%/yr vs 0.86%/yr for USO.

Performance

GUSH vs. USO - 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 United States Oil Fund LP (USO). 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 lower than USO's 98.48% return. Over the past 10 years, GUSH has underperformed USO with an annualized return of -36.58%, while USO has yielded a comparatively higher 3.80% 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%

USO

• 1D: 1.31%
• 1M: -3.87%
• YTD: 98.48%
• 6M: 95.54%
• 1Y: 97.37%
• 3Y*: 28.86%
• 5Y*: 23.92%
• 10Y*: 3.80%

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

GUSH vs. USO - 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%
USO United States Oil Fund LP	98.48%	-8.46%	13.35%	-4.94%	28.97%	64.68%	-67.79%	32.61%	-19.57%	2.47%

Correlation

The correlation between GUSH and USO is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jun 1, 2015	0.64

The correlation between GUSH and USO has been stable across timeframes, ranging from 0.63 to 0.67 - a consistent structural relationship.

Return for Risk

GUSH vs. USO — 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

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 66
USO Sortino Ratio Rank: 59
USO Omega Ratio Rank: 61
USO Calmar Ratio Rank: 88
USO Martin Ratio Rank: 55

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. USO - 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 United States Oil Fund LP (USO). 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	USO	Difference
Sharpe ratio Return per unit of total volatility	1.42	2.22	-0.80
Sortino ratio Return per unit of downside risk	1.88	2.81	-0.93
Omega ratio Gain probability vs. loss probability	1.23	1.37	-0.14
Calmar ratio Return relative to maximum drawdown	2.88	5.12	-2.25
Martin ratio Return relative to average drawdown	6.68	9.66	-2.98
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. USO - Sharpe Ratio Comparison

The current GUSH Sharpe Ratio is 1.42, which is lower than the USO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of GUSH and USO, 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	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	2.22	-0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.67	-0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.39	0.10	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	-0.44	-0.18	-0.26

Drawdowns

GUSH vs. USO - Drawdown Comparison

The maximum GUSH drawdown since its inception was -99.98%, roughly equal to the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for GUSH and USO.

Drawdown Indicators

	GUSH	USO	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-98.19%	-1.79%
Max Drawdown (1Y) Largest decline over 1 year	-28.94%	-20.39%	-8.55%
Max Drawdown (3Y) Largest decline over 3 years	-63.59%	-26.05%	-37.54%
Max Drawdown (5Y) Largest decline over 5 years	-73.64%	-36.23%	-37.41%
Max Drawdown (10Y) Largest decline over 10 years	-99.94%	-86.75%	-13.19%
Current Drawdown Current decline from peak	-99.79%	-85.39%	-14.40%
Average Drawdown Average peak-to-trough decline	-92.91%	-75.30%	-17.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.46%	10.81%	+1.65%

Volatility

GUSH vs. USO - Volatility Comparison

Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a higher volatility of 20.72% compared to United States Oil Fund LP (USO) at 15.03%. This indicates that GUSH's price experiences larger fluctuations and is considered to be riskier than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUSH	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.72%	15.03%	+5.69%
Volatility (6M) Calculated over the trailing 6-month period	43.44%	38.18%	+5.26%
Volatility (1Y) Calculated over the trailing 1-year period	55.63%	44.26%	+11.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.20%	36.04%	+32.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.74%	39.00%	+54.74%

GUSH vs. USO - Expense Ratio Comparison

GUSH has a 1.17% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

GUSH vs. USO - Dividend Comparison

GUSH's dividend yield for the trailing twelve months is around 1.47%, while USO 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	1.47%	2.60%	2.96%	3.00%	0.47%	0.00%	0.20%	1.68%	0.17%	0.00%	3.26%
USO United States Oil Fund LP	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

Can I hold both GUSH and USO in my portfolio?

GUSH and USO have a correlation of 0.67, 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 USO?

GUSH has higher volatility (20.72%) compared to USO (15.03%). In terms of maximum drawdown, GUSH dropped -99.98% vs USO's -98.19%.

Which ETF is better, GUSH or USO?

On 10-year performance, USO leads with 3.80% vs -36.58% for GUSH. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 15.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUSH or USO?

Over the 10-year period, USO has performed better with a 3.80% 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 USO?

USO is cheaper with a 0.86% expense ratio, compared with 1.17% for GUSH.

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

GUSH has the higher dividend yield at 1.47%, compared with 0.00% for USO.

What is the main difference between GUSH and USO?

GUSH is categorized as Leveraged Equities, while USO is Oil & Gas. GUSH tracks S&P Oil & Gas Exploration & Production Select Industry Index (300%), while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Direxion and USCF. Their fees differ too: 1.17% for GUSH and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.22 vs 1.42), 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.