OILU vs. GUSH

Last updated Aug 2, 2026

OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both Leveraged Equities funds - OILU tracks the Solactive MicroSectors Oil & Gas Exploration & Production Index while GUSH tracks the S&P Oil & Gas Exploration & Production Select Industry Index (300%). Both are passively managed. Over the past 3 years, OILU returned 1.15%/yr vs 5.22%/yr for GUSH. Their correlation of 0.93 means they have usually moved in the same direction. OILU charges 0.95%/yr vs 1.17%/yr for GUSH.

Performance

OILU vs. GUSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) 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, OILU achieves a 95.09% return, which is significantly higher than GUSH's 84.27% return.

OILU

• 1D: 3.79%
• 1M: 38.67%
• 6M: 37.11%
• YTD: 95.09%
• 1Y: 107.91%
• 3Y*: 1.15%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.25%

GUSH

• 1D: 2.66%
• 1M: 29.75%
• 6M: 50.64%
• YTD: 84.27%
• 1Y: 87.82%
• 3Y*: 5.22%
• 5Y*: 20.49%
• 10Y*: -34.13%
• ALL TIME*: -41.90%

*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	$34.81M	$32.68M	$31.93M
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	$8.21M	$8.45M	$7.94M

OILU vs. GUSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	95.09%	-16.50%	-21.65%	-32.50%	151.08%	-16.79%
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	84.27%	-19.39%	-12.73%	-7.23%	66.47%	-27.56%

Correlation

The correlation between OILU and GUSH is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021	0.93

The correlation between OILU and GUSH has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

OILU vs. GUSH - Sectors Allocation Comparison

Sectors	OILU	GUSH
Energy	100.0%	95.1%
Basic Materials	-	4.3%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	0.7%
Real Estate	-	-
Technology	-	0.6%
Utilities	-	-

Return for Risk

OILU vs. GUSH — Risk / Return Rank

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

OILU

OILU Risk / Return Rank: 56
OILU Sharpe Ratio Rank: 65
OILU Sortino Ratio Rank: 57
OILU Omega Ratio Rank: 55
OILU Calmar Ratio Rank: 59
OILU Martin Ratio Rank: 45

GUSH

GUSH Risk / Return Rank: 52
GUSH Sharpe Ratio Rank: 55
GUSH Sortino Ratio Rank: 51
GUSH Omega Ratio Rank: 50
GUSH Calmar Ratio Rank: 59
GUSH Martin Ratio Rank: 42

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.

OILU vs. GUSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) 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.

	OILU	GUSH	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.32	+0.18
Sortino ratio: Return per unit of downside risk	1.96	1.80	+0.16
Omega ratio: Gain probability vs. loss probability	1.24	1.22	+0.02
Calmar ratio: Return relative to maximum drawdown	2.07	2.07	0.00
Martin ratio: Return relative to average drawdown	5.11	4.68	+0.43

OILU vs. GUSH - Sharpe Ratio Comparison

The current OILU Sharpe Ratio is 1.50, which is comparable to the GUSH Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of OILU 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

OILU vs. GUSH - Drawdown Comparison

The maximum OILU drawdown since its inception was -81.00%, smaller than the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for OILU and GUSH.

Drawdown Indicators

	OILU	GUSH	Difference
Max Drawdown Largest peak-to-trough decline	-81.00%	-99.98%	+18.98%
Max Drawdown (1Y) Largest decline over 1 year	-46.49%	-36.18%	-10.31%
Max Drawdown (3Y) Largest decline over 3 years	-69.09%	-63.59%	-5.50%
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	-47.53%	-99.77%	+52.24%
Average Drawdown Average peak-to-trough decline	-50.69%	-92.98%	+42.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.88%	16.04%	+2.84%

Volatility

OILU vs. GUSH - Volatility Comparison

MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) has a higher volatility of 19.22% compared to Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) at 16.40%. This indicates that OILU'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

	OILU	GUSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.22%	16.40%	+2.82%
Volatility (6M) Calculated over the trailing 6-month period	51.99%	45.15%	+6.84%
Volatility (1Y) Calculated over the trailing 1-year period	64.36%	56.92%	+7.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.80%	67.48%	+13.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.80%	92.83%	-12.03%

OILU vs. GUSH - Expense Ratio Comparison

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

Dividends

OILU vs. GUSH - Dividend Comparison

OILU has not paid dividends to shareholders, while GUSH's dividend yield for the trailing twelve months is around 1.18%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	1.18%	2.60%	2.96%	3.00%	0.47%	0.00%	0.20%	1.68%	0.17%	0.00%	3.26%
OILU MicroSectors Oil & Gas Exploration & Production 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 OILU and GUSH in my portfolio?

With a correlation of 0.91, OILU 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, OILU or GUSH?

OILU has higher volatility (19.22%) compared to GUSH (16.40%). In terms of maximum drawdown, OILU dropped -81.00% vs GUSH's -99.98%.

Which ETF is better, OILU or GUSH?

On 3-year performance, GUSH leads with 5.22% vs 1.15% for OILU. On fees, OILU is cheaper at 0.95% per year. On volatility, GUSH has been the lower-risk option at 16.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OILU or GUSH?

Over the 3-year period, GUSH has performed better with a 5.22% return vs 1.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OILU or GUSH?

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

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

GUSH has the higher dividend yield at 1.18%, compared with 0.00% for OILU.

What is the main difference between OILU and GUSH?

OILU tracks Solactive MicroSectors Oil & Gas Exploration & Production Index, 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 OILU and 1.17% for GUSH.

Which has better risk-adjusted returns?

OILU currently has the higher Sharpe Ratio (1.50 vs 1.32), 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.