GUSH vs. XOP

Last updated Jun 24, 2026

GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) and XOP (SPDR S&P Oil & Gas Exploration & Production 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 XOP is a Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry. Both are passively managed. Over the past 10 years, GUSH returned -37.01%/yr vs 3.09%/yr for XOP. With a 0.99 correlation, they move nearly in lockstep. GUSH charges 1.17%/yr vs 0.35%/yr for XOP.

Performance

GUSH vs. XOP - 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 SPDR S&P Oil & Gas Exploration & Production ETF (XOP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GUSH achieves a 42.54% return, which is significantly higher than XOP's 23.89% return. Over the past 10 years, GUSH has underperformed XOP with an annualized return of -37.01%, while XOP has yielded a comparatively higher 3.09% 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%

XOP

• 1D: 0.09%
• 1M: -9.39%
• YTD: 23.89%
• 6M: 23.68%
• 1Y: 23.02%
• 3Y*: 11.00%
• 5Y*: 12.14%
• 10Y*: 3.09%

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

GUSH vs. XOP - 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%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	23.89%	-2.15%	-1.00%	3.56%	45.37%	66.74%	-36.40%	-9.44%	-28.10%	-9.47%

Correlation

The correlation between GUSH and XOP is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since May 29, 2015	0.99

The correlation between GUSH and XOP has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

GUSH vs. XOP - Sectors Allocation Comparison

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

Return for Risk

GUSH vs. XOP — Risk / Return Rank

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

GUSH

GUSH Risk / Return Rank: 20
GUSH Sharpe Ratio Rank: 18
GUSH Sortino Ratio Rank: 20
GUSH Omega Ratio Rank: 20
GUSH Calmar Ratio Rank: 21
GUSH Martin Ratio Rank: 20

XOP

XOP Risk / Return Rank: 24
XOP Sharpe Ratio Rank: 24
XOP Sortino Ratio Rank: 23
XOP Omega Ratio Rank: 22
XOP Calmar Ratio Rank: 26
XOP Martin Ratio Rank: 27

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. XOP - 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 SPDR S&P Oil & Gas Exploration & Production ETF (XOP). 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	XOP	Difference
Sharpe ratio: Return per unit of total volatility	0.57	0.82	-0.25
Sortino ratio: Return per unit of downside risk	1.08	1.23	-0.15
Omega ratio: Gain probability vs. loss probability	1.13	1.15	-0.02
Calmar ratio: Return relative to maximum drawdown	0.88	1.25	-0.37
Martin ratio: Return relative to average drawdown	2.32	3.50	-1.18

GUSH vs. XOP - Sharpe Ratio Comparison

The current GUSH Sharpe Ratio is 0.57, which is lower than the XOP Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of GUSH and XOP, 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. XOP - Drawdown Comparison

The maximum GUSH drawdown since its inception was -99.98%, which is greater than XOP's maximum drawdown of -90.27%. Use the drawdown chart below to compare losses from any high point for GUSH and XOP.

Drawdown Indicators

	GUSH	XOP	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-90.27%	-9.71%
Max Drawdown (1Y) Largest decline over 1 year	-36.18%	-18.50%	-17.68%
Max Drawdown (3Y) Largest decline over 3 years	-63.59%	-34.98%	-28.61%
Max Drawdown (5Y) Largest decline over 5 years	-73.64%	-34.98%	-38.66%
Max Drawdown (10Y) Largest decline over 10 years	-99.94%	-82.61%	-17.33%
Current Drawdown Current decline from peak	-99.83%	-42.09%	-57.74%
Average Drawdown Average peak-to-trough decline	-92.92%	-42.58%	-50.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.77%	6.60%	+7.17%

Volatility

GUSH vs. XOP - Volatility Comparison

Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a higher volatility of 18.01% compared to SPDR S&P Oil & Gas Exploration & Production ETF (XOP) at 9.01%. This indicates that GUSH's price experiences larger fluctuations and is considered to be riskier than XOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUSH	XOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.01%	9.01%	+9.00%
Volatility (6M) Calculated over the trailing 6-month period	44.07%	21.96%	+22.11%
Volatility (1Y) Calculated over the trailing 1-year period	56.58%	28.30%	+28.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.20%	33.88%	+34.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.43%	40.25%	+53.18%

GUSH vs. XOP - Expense Ratio Comparison

GUSH has a 1.17% expense ratio, which is higher than XOP's 0.35% expense ratio.

Dividends

GUSH vs. XOP - Dividend Comparison

GUSH's dividend yield for the trailing twelve months is around 1.75%, less than XOP's 2.10% 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%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	2.10%	2.62%	2.45%	2.63%	2.47%	1.61%	2.34%	1.47%	0.99%	0.76%	0.76%	2.21%

Frequently Asked Questions

Can I hold both GUSH and XOP in my portfolio?

With a correlation of 1.00, GUSH and XOP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GUSH or XOP?

GUSH has higher volatility (18.01%) compared to XOP (9.01%). In terms of maximum drawdown, GUSH dropped -99.98% vs XOP's -90.27%.

Which ETF is better, GUSH or XOP?

On 10-year performance, XOP leads with 3.09% vs -37.01% for GUSH. On fees, XOP is cheaper at 0.35% per year. On volatility, XOP has been the lower-risk option at 9.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUSH or XOP?

Over the 10-year period, XOP has performed better with a 3.09% return vs -37.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUSH or XOP?

XOP is cheaper with a 0.35% expense ratio, compared with 1.17% for GUSH.

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

XOP has the higher dividend yield at 2.10%, compared with 1.75% for GUSH.

What is the main difference between GUSH and XOP?

GUSH is categorized as Leveraged Equities, while XOP is Energy Equities. GUSH tracks S&P Oil & Gas Exploration & Production Select Industry Index (300%), while XOP tracks S&P Oil & Gas Exploration & Production Select Industry. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.17% for GUSH and 0.35% for XOP.

Which has better risk-adjusted returns?

XOP currently has the higher Sharpe Ratio (0.82 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.