MEXX vs. GUSH

Last updated Aug 5, 2026

MEXX (Direxion Daily MSCI Mexico Bull 3X Shares) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both Leveraged Equities funds from Direxion - MEXX tracks the MSCI Mexico IMI 25-50 Net Total Return USD Index (300%) while GUSH tracks the S&P Oil & Gas Exploration & Production Select Industry Index (300%). Both are passively managed. Over the past 5 years, MEXX returned 13.32%/yr vs 20.08%/yr for GUSH. Their 0.31 correlation means their historical movements had little consistent relationship. MEXX charges 1.21%/yr vs 1.17%/yr for GUSH.

Performance

MEXX vs. GUSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) and Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MEXX achieves a 20.88% return, which is significantly lower than GUSH's 73.66% return.

MEXX

• 1D: 1.77%
• 1M: 4.39%
• 6M: -14.98%
• YTD: 20.88%
• 1Y: 90.68%
• 3Y*: 2.34%
• 5Y*: 13.32%
• 10Y*: —
• ALL TIME*: -5.35%

GUSH

• 1D: -2.48%
• 1M: 22.28%
• 6M: 43.46%
• YTD: 73.66%
• 1Y: 75.79%
• 3Y*: 2.35%
• 5Y*: 20.08%
• 10Y*: -35.64%
• ALL TIME*: -42.18%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	$37.02M	$34.09M	$31.84M
MEXX Direxion Daily MSCI Mexico Bull 3X Shares	$356.64K	$322.08K	$550.62K

MEXX vs. GUSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MEXX Direxion Daily MSCI Mexico Bull 3X Shares	20.88%	181.49%	-73.13%	115.60%	-12.96%	52.75%	-53.63%	21.41%	-51.95%	-15.26%
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	73.66%	-19.39%	-12.73%	-7.23%	66.47%	129.94%	-97.38%	-52.68%	-74.28%	7.93%

Correlation

The correlation between MEXX and GUSH is -0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.09
Correlation (3Y) Balances recent behavior with more history.	0.14
Correlation (5Y) Shows whether the relationship held over a longer period.	0.24
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.31

The correlation between MEXX and GUSH shifts across timeframes, from -0.09 (1 year) to 0.31 (all time), reflecting how their relationship changes across market environments.

MEXX vs. GUSH - Sectors Allocation Comparison

Sectors	MEXX	GUSH
Consumer Defensive	24.6%	-
Basic Materials	24.1%	4.3%
Financial Services	19.1%	-
Industrials	13.6%	0.7%
Communication Services	10.4%	-
Real Estate	6.5%	-
Consumer Cyclical	1.3%	-
Healthcare	0.5%	-
Energy	-	95.1%
Technology	-	0.6%
Utilities	-	-

Return for Risk

MEXX vs. GUSH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MEXX

MEXX Risk / Return Rank: 50
MEXX Sharpe Ratio Rank: 50
MEXX Sortino Ratio Rank: 48
MEXX Omega Ratio Rank: 47
MEXX Calmar Ratio Rank: 59
MEXX Martin Ratio Rank: 46

GUSH

GUSH Risk / Return Rank: 46
GUSH Sharpe Ratio Rank: 48
GUSH Sortino Ratio Rank: 45
GUSH Omega Ratio Rank: 43
GUSH Calmar Ratio Rank: 52
GUSH Martin Ratio Rank: 40

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MEXX vs. GUSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) 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.

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.

	MEXX	GUSH	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.35	+0.06
Sortino ratio: Return per unit of downside risk	1.97	1.84	+0.13
Omega ratio: Gain probability vs. loss probability	1.25	1.23	+0.02
Calmar ratio: Return relative to maximum drawdown	2.35	2.11	+0.25
Martin ratio: Return relative to average drawdown	5.72	4.74	+0.98

MEXX vs. GUSH - Sharpe Ratio Comparison

The current MEXX Sharpe Ratio is 1.40, which is comparable to the GUSH Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of MEXX and GUSH, 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

MEXX vs. GUSH - Drawdown Comparison

The maximum MEXX drawdown since its inception was -95.58%, roughly equal to the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for MEXX and GUSH.

Drawdown Indicators

	MEXX	GUSH	Difference
Max Drawdown Largest peak-to-trough decline	-95.58%	-99.98%	+4.40%
Max Drawdown (1Y) Largest decline over 1 year	-38.77%	-36.18%	-2.59%
Max Drawdown (3Y) Largest decline over 3 years	-74.92%	-63.59%	-11.33%
Max Drawdown (5Y) Largest decline over 5 years	-74.92%	-73.64%	-1.28%
Max Drawdown (10Y) Largest decline over 10 years	—	-99.94%	—
Current Drawdown Current decline from peak	-56.03%	-99.79%	+43.76%
Average Drawdown Average peak-to-trough decline	-65.37%	-92.99%	+27.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.90%	16.04%	-0.14%

Volatility

MEXX vs. GUSH - Volatility Comparison

The current volatility for Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) is 14.88%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 17.34%. This indicates that MEXX 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.

Volatility by Period

	MEXX	GUSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.88%	17.34%	-2.46%
Volatility (6M) Calculated over the trailing 6-month period	53.04%	44.83%	+8.21%
Volatility (1Y) Calculated over the trailing 1-year period	64.99%	56.58%	+8.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.99%	67.36%	-0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.18%	92.79%	-18.61%

MEXX vs. GUSH - Expense Ratio Comparison

MEXX has a 1.21% expense ratio, which is higher than GUSH's 1.17% expense ratio.

Dividends

MEXX vs. GUSH - Dividend Comparison

MEXX's dividend yield for the trailing twelve months is around 1.39%, more than GUSH's 1.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	1.25%	2.60%	2.96%	3.00%	0.47%	0.00%	0.20%	1.68%	0.17%	0.00%	3.26%
MEXX Direxion Daily MSCI Mexico Bull 3X Shares	1.39%	1.60%	5.81%	1.66%	1.33%	0.63%	0.12%	1.60%	5.61%	0.27%	0.00%

Frequently Asked Questions

Can I hold both MEXX and GUSH in my portfolio?

MEXX and GUSH 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, MEXX or GUSH?

GUSH has higher volatility (17.34%) compared to MEXX (14.88%). In terms of maximum drawdown, MEXX dropped -95.58% vs GUSH's -99.98%.

Which ETF is better, MEXX or GUSH?

On 5-year performance, GUSH leads with 20.08% vs 13.32% for MEXX. On fees, GUSH is cheaper at 1.17% per year. On volatility, MEXX has been the lower-risk option at 14.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEXX or GUSH?

Over the 5-year period, GUSH has performed better with a 20.08% return vs 13.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEXX or GUSH?

GUSH is cheaper with a 1.17% expense ratio, compared with 1.21% for MEXX.

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

MEXX has the higher dividend yield at 1.39%, compared with 1.25% for GUSH.

What is the main difference between MEXX and GUSH?

MEXX tracks MSCI Mexico IMI 25-50 Net Total Return USD Index (300%), while GUSH tracks S&P Oil & Gas Exploration & Production Select Industry Index (300%). Their fees differ too: 1.21% for MEXX and 1.17% for GUSH.

Which has better risk-adjusted returns?

MEXX currently has the higher Sharpe Ratio (1.40 vs 1.35), 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.