MZZ vs. GUSH
MZZ (ProShares UltraShort MidCap400) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both Leveraged Equities funds - MZZ tracks the S&P MidCap 400 Index (-200%) while GUSH tracks the S&P Oil & Gas Exploration & Production Select Industry Index (300%). Both are passively managed. Over the past 10 years, MZZ returned -24.79%/yr vs -37.19%/yr for GUSH. At a correlation of -0.54, they often move in opposite directions. MZZ charges 0.95%/yr vs 1.17%/yr for GUSH.
Performance
MZZ vs. GUSH - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MZZ achieves a -23.87% return, which is significantly lower than GUSH's 48.90% return. Over the past 10 years, MZZ has outperformed GUSH with an annualized return of -24.79%, while GUSH has yielded a comparatively lower -37.19% annualized return.
MZZ
- 1D
- -0.17%
- 1M
- 0.80%
- 6M
- -16.61%
- YTD
- -23.87%
- 1Y
- -29.15%
- 3Y*
- -20.89%
- 5Y*
- -16.96%
- 10Y*
- -24.79%
GUSH
- 1D
- -1.01%
- 1M
- -7.62%
- 6M
- 46.89%
- YTD
- 48.90%
- 1Y
- 30.20%
- 3Y*
- 2.39%
- 5Y*
- 9.50%
- 10Y*
- -37.19%
MZZ vs. GUSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -23.87% | -14.68% | -17.75% | -23.67% | 13.02% | -42.14% | -53.08% | -38.03% | 22.83% | -27.72% |
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares | 48.90% | -19.39% | -12.73% | -7.23% | 66.47% | 129.94% | -97.38% | -52.68% | -74.28% | -40.21% |
Correlation
The correlation between MZZ and GUSH is -0.03, 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 | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.53 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | -0.54 |
Over the past year, the inverse relationship between MZZ and GUSH has weakened: their correlation has moved from -0.54 to -0.03, meaning they move in opposite directions less often than they have historically.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MZZ vs. GUSH — Risk / Return Rank
MZZ
GUSH
MZZ vs. GUSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MidCap400 (MZZ) 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.
| MZZ | GUSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.45 | ||
| Sortino ratioReturn per unit of downside risk | -2.24 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.13 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 0.88 | -1.68 |
| Martin ratioReturn relative to average drawdown | -1.48 | 2.04 | -3.51 |
Loading charts...
Drawdowns
MZZ vs. GUSH - Drawdown Comparison
The maximum MZZ drawdown since its inception was -99.90%, roughly equal to the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for MZZ and GUSH.
Loading charts...
Drawdown Indicators
| MZZ | GUSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.90% | -99.98% | +0.08% |
Max Drawdown (1Y)Largest decline over 1 year | -35.02% | -36.18% | +1.16% |
Max Drawdown (3Y)Largest decline over 3 years | -64.13% | -63.59% | -0.54% |
Max Drawdown (5Y)Largest decline over 5 years | -70.29% | -73.64% | +3.35% |
Max Drawdown (10Y)Largest decline over 10 years | -94.79% | -99.94% | +5.15% |
Current DrawdownCurrent decline from peak | -99.90% | -99.82% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -86.13% | -92.95% | +6.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.96% | 15.58% | +3.38% |
Volatility
MZZ vs. GUSH - Volatility Comparison
The current volatility for ProShares UltraShort MidCap400 (MZZ) is 9.27%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 15.52%. This indicates that MZZ 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.
Loading charts...
Volatility by Period
| MZZ | GUSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.27% | 15.52% | -6.25% |
Volatility (6M)Calculated over the trailing 6-month period | 23.59% | 44.23% | -20.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.72% | 56.01% | -24.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.15% | 67.90% | -28.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.23% | 93.04% | -51.81% |
MZZ vs. GUSH - Expense Ratio Comparison
MZZ has a 0.95% expense ratio, which is lower than GUSH's 1.17% expense ratio.
Dividends
MZZ vs. GUSH - Dividend Comparison
MZZ's dividend yield for the trailing twelve months is around 5.67%, more than GUSH's 1.46% 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 | 1.46% | 2.60% | 2.96% | 3.00% | 0.47% | 0.00% | 0.20% | 1.68% | 0.17% | 0.00% | 3.26% |
MZZ ProShares UltraShort MidCap400 | 5.67% | 5.27% | 6.36% | 4.52% | 0.25% | 0.00% | 0.22% | 1.53% | 0.53% | 0.00% | 0.00% |
Frequently Asked Questions
MZZ and GUSH have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GUSH has higher volatility (15.52%) compared to MZZ (9.27%). In terms of maximum drawdown, MZZ dropped -99.90% vs GUSH's -99.98%.
On 10-year performance, MZZ leads with -24.79% vs -37.19% for GUSH. On fees, MZZ is cheaper at 0.95% per year. On volatility, MZZ has been the lower-risk option at 9.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MZZ has performed better with a -24.79% return vs -37.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MZZ is cheaper with a 0.95% expense ratio, compared with 1.17% for GUSH.
MZZ has the higher dividend yield at 5.67%, compared with 1.46% for GUSH.
MZZ tracks S&P MidCap 400 Index (-200%), while GUSH tracks S&P Oil & Gas Exploration & Production Select Industry Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for MZZ and 1.17% for GUSH.
GUSH currently has the higher Sharpe Ratio (0.57 vs -0.88), 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.
Find the right allocation for MZZ and GUSH
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer