OKLL vs. GUSH

Last updated Aug 2, 2026

OKLL (Defiance Daily Target 2x Long OKLO ETF) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both Leveraged Equities funds. OKLL is actively managed, while GUSH is passively managed. Over the past year, OKLL returned -91.78% vs 87.82% for GUSH. Their -0.08 correlation means they have often moved in opposite directions in the past. OKLL charges 1.31%/yr vs 1.17%/yr for GUSH.

Performance

OKLL vs. GUSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2x Long OKLO ETF (OKLL) 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, OKLL achieves a -85.27% return, which is significantly lower than GUSH's 84.27% return.

OKLL

• 1D: -11.47%
• 1M: -49.59%
• 6M: -86.81%
• YTD: -85.27%
• 1Y: -91.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -86.50%

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
OKLL Defiance Daily Target 2x Long OKLO ETF	$32.35M	$38.94M	$91.46M

OKLL vs. GUSH - Yearly Performance Comparison

	2026 (YTD)	2025
OKLL Defiance Daily Target 2x Long OKLO ETF	-85.27%	-25.10%
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	84.27%	-7.50%

Correlation

The correlation between OKLL and GUSH is -0.08, 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.	-0.08
Correlation (All Time) Calculated using the full available price history since Jun 24, 2025	-0.08

Return for Risk

OKLL vs. GUSH — Risk / Return Rank

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

OKLL

OKLL Risk / Return Rank: 4
OKLL Sharpe Ratio Rank: 5
OKLL Sortino Ratio Rank: 5
OKLL Omega Ratio Rank: 6
OKLL Calmar Ratio Rank: 1
OKLL Martin Ratio Rank: 3

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.

OKLL vs. GUSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2x Long OKLO ETF (OKLL) 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.

	OKLL	GUSH	Difference
Sharpe ratio: Return per unit of total volatility	-0.46	1.32	-1.78
Sortino ratio: Return per unit of downside risk	-0.50	1.80	-2.30
Omega ratio: Gain probability vs. loss probability	0.95	1.22	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.95	2.07	-3.01
Martin ratio: Return relative to average drawdown	-1.19	4.68	-5.88

OKLL vs. GUSH - Sharpe Ratio Comparison

The current OKLL Sharpe Ratio is -0.46, which is lower than the GUSH Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of OKLL 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

OKLL vs. GUSH - Drawdown Comparison

The maximum OKLL drawdown since its inception was -98.36%, roughly equal to the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for OKLL and GUSH.

Drawdown Indicators

	OKLL	GUSH	Difference
Max Drawdown Largest peak-to-trough decline	-98.36%	-99.98%	+1.62%
Max Drawdown (1Y) Largest decline over 1 year	-98.36%	-36.18%	-62.18%
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	-98.22%	-99.77%	+1.55%
Average Drawdown Average peak-to-trough decline	-65.79%	-92.98%	+27.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	77.87%	16.04%	+61.83%

Volatility

OKLL vs. GUSH - Volatility Comparison

Defiance Daily Target 2x Long OKLO ETF (OKLL) has a higher volatility of 47.19% compared to Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) at 16.40%. This indicates that OKLL'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

	OKLL	GUSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	47.19%	16.40%	+30.79%
Volatility (6M) Calculated over the trailing 6-month period	131.95%	45.15%	+86.80%
Volatility (1Y) Calculated over the trailing 1-year period	200.99%	56.92%	+144.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	198.77%	67.48%	+131.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	198.77%	92.83%	+105.94%

OKLL vs. GUSH - Expense Ratio Comparison

OKLL has a 1.31% expense ratio, which is higher than GUSH's 1.17% expense ratio.

Dividends

OKLL vs. GUSH - Dividend Comparison

OKLL 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%
OKLL Defiance Daily Target 2x Long OKLO ETF	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 OKLL and GUSH in my portfolio?

OKLL and GUSH have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OKLL or GUSH?

OKLL has higher volatility (47.19%) compared to GUSH (16.40%). In terms of maximum drawdown, OKLL dropped -98.36% vs GUSH's -99.98%.

Which ETF is better, OKLL or GUSH?

On 1-year performance, GUSH leads with 87.82% vs -91.78% for OKLL. On fees, GUSH is cheaper at 1.17% 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, OKLL or GUSH?

Over the 1-year period, GUSH has performed better with a 87.82% return vs -91.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OKLL or GUSH?

GUSH is cheaper with a 1.17% expense ratio, compared with 1.31% for OKLL.

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

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

What is the main difference between OKLL and GUSH?

They also come from different issuers: Defiance and Direxion. Their fees differ too: 1.31% for OKLL and 1.17% for GUSH.

Which has better risk-adjusted returns?

GUSH currently has the higher Sharpe Ratio (1.32 vs -0.46), 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.