IWDL vs. GUSH
IWDL (ETRACS 2x Leveraged US Value Factor TR ETN) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both Leveraged Equities funds - IWDL tracks the Russell 1000 Value (200%) while GUSH tracks the S&P Oil & Gas Exploration & Production Select Industry Index (300%). Both are passively managed. Over the past 5 years, IWDL returned 13.39%/yr vs 11.55%/yr for GUSH. At a 0.49 correlation, their price movements are largely independent. IWDL charges 0.95%/yr vs 1.17%/yr for GUSH.
Performance
IWDL vs. GUSH - Performance Comparison
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Returns By Period
In the year-to-date period, IWDL achieves a 28.10% return, which is significantly lower than GUSH's 73.60% return.
IWDL
- 1D
- 1.23%
- 1M
- 6.86%
- YTD
- 28.10%
- 6M
- 29.30%
- 1Y
- 56.29%
- 3Y*
- 30.80%
- 5Y*
- 13.39%
- 10Y*
- —
GUSH
- 1D
- 0.03%
- 1M
- -11.53%
- YTD
- 73.60%
- 6M
- 49.22%
- 1Y
- 84.57%
- 3Y*
- 14.08%
- 5Y*
- 11.55%
- 10Y*
- -36.93%
IWDL vs. GUSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IWDL ETRACS 2x Leveraged US Value Factor TR ETN | 28.10% | 25.02% | 20.68% | 13.50% | -21.27% | 40.35% |
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares | 73.60% | -19.39% | -12.73% | -7.23% | 66.47% | 63.84% |
Correlation
The correlation between IWDL and GUSH is 0.07, 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 | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.49 |
Over the past year, the correlation between IWDL and GUSH has dropped to 0.07 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.
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Return for Risk
IWDL vs. GUSH — Risk / Return Rank
IWDL
GUSH
IWDL vs. GUSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) and Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH). 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.
| IWDL | GUSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.95 | ||
| Sortino ratioReturn per unit of downside risk | +1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.25 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 4.18 | 2.94 | +1.24 |
| Martin ratioReturn relative to average drawdown | 17.20 | 6.75 | +10.45 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IWDL | GUSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.49 | 1.54 | +0.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | 0.17 | +0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.40 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | -0.44 | +1.04 |
Drawdowns
IWDL vs. GUSH - Drawdown Comparison
The maximum IWDL drawdown since its inception was -37.95%, smaller than the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for IWDL and GUSH.
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Drawdown Indicators
| IWDL | GUSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.95% | -99.98% | +62.03% |
Max Drawdown (1Y)Largest decline over 1 year | -13.53% | -28.94% | +15.41% |
Max Drawdown (3Y)Largest decline over 3 years | -31.78% | -63.59% | +31.81% |
Max Drawdown (5Y)Largest decline over 5 years | -37.95% | -73.64% | +35.69% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.94% | — |
Current DrawdownCurrent decline from peak | 0.00% | -99.79% | +99.79% |
Average DrawdownAverage peak-to-trough decline | -10.59% | -92.92% | +82.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.28% | 12.58% | -9.30% |
Volatility
IWDL vs. GUSH - Volatility Comparison
The current volatility for ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) is 5.51%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 20.18%. This indicates that IWDL experiences smaller price fluctuations and is considered to be less risky than GUSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWDL | GUSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.51% | 20.18% | -14.67% |
Volatility (6M)Calculated over the trailing 6-month period | 17.64% | 43.32% | -25.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.76% | 55.49% | -32.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.29% | 68.21% | -37.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.01% | 93.70% | -63.69% |
IWDL vs. GUSH - Expense Ratio Comparison
IWDL has a 0.95% expense ratio, which is lower than GUSH's 1.17% expense ratio.
Dividends
IWDL vs. GUSH - Dividend Comparison
IWDL has not paid dividends to shareholders, while GUSH's dividend yield for the trailing twelve months is around 1.44%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares | 1.44% | 2.60% | 2.96% | 3.00% | 0.47% | 0.00% | 0.20% | 1.68% | 0.17% | 0.00% | 3.26% |
IWDL ETRACS 2x Leveraged US Value Factor TR ETN | 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
IWDL and GUSH have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GUSH has higher volatility (20.18%) compared to IWDL (5.51%). In terms of maximum drawdown, IWDL dropped -37.95% vs GUSH's -99.98%.
On 5-year performance, IWDL leads with 13.39% vs 11.55% for GUSH. On fees, IWDL is cheaper at 0.95% per year. On volatility, IWDL has been the lower-risk option at 5.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IWDL has performed better with a 13.39% return vs 11.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWDL is cheaper with a 0.95% expense ratio, compared with 1.17% for GUSH.
GUSH has the higher dividend yield at 1.44%, compared with 0.00% for IWDL.
IWDL tracks Russell 1000 Value (200%), while GUSH tracks S&P Oil & Gas Exploration & Production Select Industry Index (300%). They also come from different issuers: UBS and Direxion. Their fees differ too: 0.95% for IWDL and 1.17% for GUSH.
IWDL currently has the higher Sharpe Ratio (2.49 vs 1.54), 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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