NRGU vs. GUSH

Last updated Jun 4, 2026

NRGU (MicroSectors U.S. Big Oil Index 3X Leveraged ETN) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both Leveraged Equities funds - NRGU tracks the Solactive MicroSectors U.S. Big Oil Index (-300%) while GUSH tracks the S&P Oil & Gas Exploration & Production Select Industry Index (300%). Both are passively managed. Over the past year, NRGU returned 156.99% vs 75.56% for GUSH. Their correlation of 0.92 suggests significant overlap in exposure. NRGU charges 0.95%/yr vs 1.17%/yr for GUSH.

Performance

NRGU vs. GUSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) 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, NRGU achieves a 129.31% return, which is significantly higher than GUSH's 73.56% return.

NRGU

• 1D: 2.53%
• 1M: -6.67%
• YTD: 129.31%
• 6M: 97.01%
• 1Y: 156.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GUSH

• 1D: 2.27%
• 1M: -12.07%
• YTD: 73.56%
• 6M: 49.07%
• 1Y: 75.56%
• 3Y*: 13.02%
• 5Y*: 11.54%
• 10Y*: -36.44%

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

NRGU vs. GUSH - Yearly Performance Comparison

	2026 (YTD)	2025
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	129.31%	-33.00%
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	73.56%	-26.55%

Correlation

The correlation between NRGU and GUSH is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.92

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

NRGU vs. GUSH - Sectors Allocation Comparison

Sectors	NRGU	GUSH
Energy	100.0%	97.2%
Basic Materials	-	2.9%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

NRGU vs. GUSH — Risk / Return Rank

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

NRGU

NRGU Risk / Return Rank: 58
NRGU Sharpe Ratio Rank: 62
NRGU Sortino Ratio Rank: 48
NRGU Omega Ratio Rank: 48
NRGU Calmar Ratio Rank: 77
NRGU Martin Ratio Rank: 56

GUSH

GUSH Risk / Return Rank: 39
GUSH Sharpe Ratio Rank: 38
GUSH Sortino Ratio Rank: 34
GUSH Omega Ratio Rank: 34
GUSH Calmar Ratio Rank: 52
GUSH 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.

NRGU vs. GUSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) 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.

	NRGU	GUSH	Difference
Sharpe ratio: Return per unit of total volatility	2.11	1.37	+0.74
Sortino ratio: Return per unit of downside risk	2.43	1.84	+0.59
Omega ratio: Gain probability vs. loss probability	1.30	1.23	+0.08
Calmar ratio: Return relative to maximum drawdown	3.95	2.62	+1.33
Martin ratio: Return relative to average drawdown	9.88	6.06	+3.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NRGU vs. GUSH - Sharpe Ratio Comparison

The current NRGU Sharpe Ratio is 2.11, which is higher than the GUSH Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of NRGU 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.

Sharpe Ratios by Period

	NRGU	GUSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	1.37	+0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.17	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	-0.44	+0.88

Drawdowns

NRGU vs. GUSH - Drawdown Comparison

The maximum NRGU drawdown since its inception was -57.50%, smaller than the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for NRGU and GUSH.

Drawdown Indicators

	NRGU	GUSH	Difference
Max Drawdown Largest peak-to-trough decline	-57.50%	-99.98%	+42.48%
Max Drawdown (1Y) Largest decline over 1 year	-39.95%	-28.94%	-11.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-63.59%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-73.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.94%	—
Current Drawdown Current decline from peak	-20.91%	-99.79%	+78.88%
Average Drawdown Average peak-to-trough decline	-25.42%	-92.92%	+67.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.96%	12.52%	+3.44%

Volatility

NRGU vs. GUSH - Volatility Comparison

MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) has a higher volatility of 31.63% compared to Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) at 20.17%. This indicates that NRGU's price experiences larger fluctuations and is considered to be riskier than GUSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRGU	GUSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.63%	20.17%	+11.46%
Volatility (6M) Calculated over the trailing 6-month period	61.27%	43.47%	+17.80%
Volatility (1Y) Calculated over the trailing 1-year period	75.15%	55.62%	+19.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	89.15%	68.21%	+20.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	89.15%	93.72%	-4.57%

NRGU vs. GUSH - Expense Ratio Comparison

NRGU has a 0.95% expense ratio, which is lower than GUSH's 1.17% expense ratio.

Dividends

NRGU vs. GUSH - Dividend Comparison

NRGU 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%
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged 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

Can I hold both NRGU and GUSH in my portfolio?

With a correlation of 0.92, NRGU and GUSH 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, NRGU or GUSH?

NRGU has higher volatility (31.63%) compared to GUSH (20.17%). In terms of maximum drawdown, NRGU dropped -57.50% vs GUSH's -99.98%.

Which ETF is better, NRGU or GUSH?

On 1-year performance, NRGU leads with 156.99% vs 75.56% for GUSH. On fees, NRGU is cheaper at 0.95% per year. On volatility, GUSH has been the lower-risk option at 20.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NRGU or GUSH?

Over the 1-year period, NRGU has performed better with a 156.99% return vs 75.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NRGU or GUSH?

NRGU is cheaper with a 0.95% expense ratio, compared with 1.17% for GUSH.

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

GUSH has the higher dividend yield at 1.44%, compared with 0.00% for NRGU.

What is the main difference between NRGU and GUSH?

NRGU tracks Solactive MicroSectors U.S. Big Oil Index (-300%), while GUSH tracks S&P Oil & Gas Exploration & Production Select Industry Index (300%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for NRGU and 1.17% for GUSH.

Which has better risk-adjusted returns?

NRGU currently has the higher Sharpe Ratio (2.11 vs 1.37), 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.