OOQB vs. GUSH
OOQB (Volatility Shares One+One Nasdaq-100® and Bitcoin ETF) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both exchange-traded funds - OOQB is a Nasdaq-100 fund actively managed by Volatility Shares, while GUSH is a Leveraged Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry Index (300%). OOQB is actively managed, while GUSH is passively managed. Over the past year, OOQB returned -27.35% vs 75.56% for GUSH. At a 0.21 correlation, their price movements are largely independent. OOQB charges 0.75%/yr vs 1.17%/yr for GUSH.
Performance
OOQB vs. GUSH - Performance Comparison
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Returns By Period
In the year-to-date period, OOQB achieves a -18.43% return, which is significantly lower than GUSH's 73.56% return.
OOQB
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- -18.43%
- 6M
- -24.99%
- 1Y
- -27.35%
- 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%
OOQB vs. GUSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
OOQB Volatility Shares One+One Nasdaq-100® and Bitcoin ETF | -18.43% | -13.30% |
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares | 73.56% | -26.81% |
Correlation
The correlation between OOQB and GUSH is 0.08, 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 | 0.08 |
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025 | 0.22 |
The correlation between OOQB and GUSH shifts across timeframes, from 0.08 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
OOQB vs. GUSH — Risk / Return Rank
OOQB
GUSH
OOQB vs. GUSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Volatility Shares One+One Nasdaq-100® and Bitcoin ETF (OOQB) 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.
| OOQB | GUSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.90 | ||
| Sortino ratioReturn per unit of downside risk | -2.34 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.23 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | 2.62 | -3.14 |
| Martin ratioReturn relative to average drawdown | -0.91 | 6.06 | -6.97 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OOQB | GUSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.53 | 1.37 | -1.90 |
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 | -0.41 | -0.44 | +0.03 |
Drawdowns
OOQB vs. GUSH - Drawdown Comparison
The maximum OOQB drawdown since its inception was -53.44%, smaller than the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for OOQB and GUSH.
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Drawdown Indicators
| OOQB | GUSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.44% | -99.98% | +46.54% |
Max Drawdown (1Y)Largest decline over 1 year | -53.44% | -28.94% | -24.50% |
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 DrawdownCurrent decline from peak | -43.69% | -99.79% | +56.10% |
Average DrawdownAverage peak-to-trough decline | -23.26% | -92.92% | +69.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.11% | 12.52% | +17.59% |
Volatility
OOQB vs. GUSH - Volatility Comparison
The current volatility for Volatility Shares One+One Nasdaq-100® and Bitcoin ETF (OOQB) is 0.00%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 20.17%. This indicates that OOQB 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.
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Volatility by Period
| OOQB | GUSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 20.17% | -20.17% |
Volatility (6M)Calculated over the trailing 6-month period | 39.39% | 43.47% | -4.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.57% | 55.62% | -4.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.12% | 68.21% | -10.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.12% | 93.72% | -35.60% |
OOQB vs. GUSH - Expense Ratio Comparison
OOQB has a 0.75% expense ratio, which is lower than GUSH's 1.17% expense ratio.
Dividends
OOQB vs. GUSH - Dividend Comparison
OOQB's dividend yield for the trailing twelve months is around 11.62%, more than GUSH's 1.44% 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 | 1.44% | 2.60% | 2.96% | 3.00% | 0.47% | 0.00% | 0.20% | 1.68% | 0.17% | 0.00% | 3.26% |
OOQB Volatility Shares One+One Nasdaq-100® and Bitcoin ETF | 11.62% | 9.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OOQB 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.
GUSH has higher volatility (20.17%) compared to OOQB (0.00%). In terms of maximum drawdown, OOQB dropped -53.44% vs GUSH's -99.98%.
On 1-year performance, GUSH leads with 75.56% vs -27.35% for OOQB. On fees, OOQB is cheaper at 0.75% per year. On volatility, OOQB has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GUSH has performed better with a 75.56% return vs -27.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OOQB is cheaper with a 0.75% expense ratio, compared with 1.17% for GUSH.
OOQB has the higher dividend yield at 11.62%, compared with 1.44% for GUSH.
OOQB is categorized as Nasdaq-100, while GUSH is Leveraged Equities. They also come from different issuers: Volatility Shares and Direxion. Their fees differ too: 0.75% for OOQB and 1.17% for GUSH.
GUSH currently has the higher Sharpe Ratio (1.37 vs -0.53), 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.
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