GUSH vs. XLE

Last updated Jun 23, 2026

GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) and XLE (State Street Energy Select Sector SPDR 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 XLE is a Energy Equities fund tracking the Energy Select Sector Index. Both are passively managed. Over the past 10 years, GUSH returned -37.00%/yr vs 9.29%/yr for XLE. Their correlation of 0.90 suggests significant overlap in exposure. GUSH charges 1.17%/yr vs 0.08%/yr for XLE.

Performance

GUSH vs. XLE - 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 State Street Energy Select Sector SPDR ETF (XLE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GUSH achieves a 42.86% return, which is significantly higher than XLE's 22.58% return. Over the past 10 years, GUSH has underperformed XLE with an annualized return of -37.00%, while XLE has yielded a comparatively higher 9.29% annualized return.

GUSH

• 1D: 3.14%
• 1M: -18.97%
• YTD: 42.86%
• 6M: 44.72%
• 1Y: 22.58%
• 3Y*: 6.96%
• 5Y*: 7.01%
• 10Y*: -37.00%

XLE

• 1D: 1.26%
• 1M: -8.47%
• YTD: 22.58%
• 6M: 23.97%
• 1Y: 26.32%
• 3Y*: 15.44%
• 5Y*: 18.90%
• 10Y*: 9.29%

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

GUSH vs. XLE - 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	42.86%	-19.39%	-12.73%	-7.23%	66.47%	129.94%	-97.38%	-52.68%	-74.28%	-40.21%
XLE State Street Energy Select Sector SPDR ETF	22.58%	7.88%	5.56%	-0.63%	64.32%	53.28%	-32.67%	11.74%	-18.22%	-0.89%

Correlation

The correlation between GUSH and XLE is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since May 29, 2015	0.90

The correlation between GUSH and XLE has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

GUSH vs. XLE - Sectors Allocation Comparison

Sectors	GUSH	XLE
Energy	96.8%	100.0%
Basic Materials	3.2%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GUSH vs. XLE — Risk / Return Rank

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

GUSH

GUSH Risk / Return Rank: 16
GUSH Sharpe Ratio Rank: 14
GUSH Sortino Ratio Rank: 16
GUSH Omega Ratio Rank: 16
GUSH Calmar Ratio Rank: 16
GUSH Martin Ratio Rank: 16

XLE

XLE Risk / Return Rank: 36
XLE Sharpe Ratio Rank: 36
XLE Sortino Ratio Rank: 34
XLE Omega Ratio Rank: 32
XLE Calmar Ratio Rank: 39
XLE Martin Ratio Rank: 38

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. XLE - 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 State Street Energy Select Sector SPDR ETF (XLE). 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	XLE	Difference
Sharpe ratio: Return per unit of total volatility	0.40	1.26	-0.86
Sortino ratio: Return per unit of downside risk	0.89	1.75	-0.86
Omega ratio: Gain probability vs. loss probability	1.11	1.21	-0.11
Calmar ratio: Return relative to maximum drawdown	0.63	1.88	-1.25
Martin ratio: Return relative to average drawdown	1.67	5.70	-4.03

GUSH vs. XLE - Sharpe Ratio Comparison

The current GUSH Sharpe Ratio is 0.40, which is lower than the XLE Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of GUSH and XLE, 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. XLE - Drawdown Comparison

The maximum GUSH drawdown since its inception was -99.98%, which is greater than XLE's maximum drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for GUSH and XLE.

Drawdown Indicators

	GUSH	XLE	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-71.26%	-28.72%
Max Drawdown (1Y) Largest decline over 1 year	-36.18%	-14.05%	-22.13%
Max Drawdown (3Y) Largest decline over 3 years	-63.59%	-20.14%	-43.45%
Max Drawdown (5Y) Largest decline over 5 years	-73.64%	-26.04%	-47.60%
Max Drawdown (10Y) Largest decline over 10 years	-99.94%	-66.81%	-33.13%
Current Drawdown Current decline from peak	-99.83%	-12.96%	-86.87%
Average Drawdown Average peak-to-trough decline	-92.91%	-17.97%	-74.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.92%	4.66%	+9.26%

Volatility

GUSH vs. XLE - Volatility Comparison

Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a higher volatility of 18.38% compared to State Street Energy Select Sector SPDR ETF (XLE) at 7.06%. This indicates that GUSH's price experiences larger fluctuations and is considered to be riskier than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUSH	XLE	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.38%	7.06%	+11.32%
Volatility (6M) Calculated over the trailing 6-month period	44.33%	16.89%	+27.44%
Volatility (1Y) Calculated over the trailing 1-year period	56.70%	20.96%	+35.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.20%	25.98%	+42.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.57%	29.62%	+63.95%

GUSH vs. XLE - Expense Ratio Comparison

GUSH has a 1.17% expense ratio, which is higher than XLE's 0.08% expense ratio.

Dividends

GUSH vs. XLE - Dividend Comparison

GUSH's dividend yield for the trailing twelve months is around 1.75%, less than XLE's 3.47% 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	1.75%	2.60%	2.96%	3.00%	0.47%	0.00%	0.20%	1.68%	0.17%	0.00%	3.26%	0.00%
XLE State Street Energy Select Sector SPDR ETF	3.47%	3.28%	3.36%	3.55%	3.68%	4.21%	5.62%	6.72%	3.54%	3.03%	2.26%	3.39%

Frequently Asked Questions

Can I hold both GUSH and XLE in my portfolio?

GUSH and XLE have a correlation of 0.89, 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 XLE?

GUSH has higher volatility (18.38%) compared to XLE (7.06%). In terms of maximum drawdown, GUSH dropped -99.98% vs XLE's -71.26%.

Which ETF is better, GUSH or XLE?

On 10-year performance, XLE leads with 9.29% vs -37.00% for GUSH. On fees, XLE is cheaper at 0.08% per year. On volatility, XLE has been the lower-risk option at 7.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUSH or XLE?

Over the 10-year period, XLE has performed better with a 9.29% return vs -37.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUSH or XLE?

XLE is cheaper with a 0.08% expense ratio, compared with 1.17% for GUSH.

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

XLE has the higher dividend yield at 3.47%, compared with 1.75% for GUSH.

What is the main difference between GUSH and XLE?

GUSH is categorized as Leveraged Equities, while XLE is Energy Equities. GUSH tracks S&P Oil & Gas Exploration & Production Select Industry Index (300%), while XLE tracks Energy Select Sector Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.17% for GUSH and 0.08% for XLE.

Which has better risk-adjusted returns?

XLE currently has the higher Sharpe Ratio (1.26 vs 0.40), 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.