PFFL vs. GUSH
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both exchange-traded funds - PFFL is a Preferred Stock/Convertible Bonds fund tracking the Solactive Preferred Stock ETF Index, while GUSH is a Leveraged Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry Index (300%). Both are passively managed. Over the past 5 years, PFFL returned -6.57%/yr vs 6.25%/yr for GUSH. At a 0.25 correlation, their price movements are largely independent. PFFL charges 0.85%/yr vs 1.17%/yr for GUSH.
Performance
PFFL vs. GUSH - Performance Comparison
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Returns By Period
In the year-to-date period, PFFL achieves a -1.90% return, which is significantly lower than GUSH's 42.54% return.
PFFL
- 1D
- -0.19%
- 1M
- -1.40%
- YTD
- -1.90%
- 6M
- -2.44%
- 1Y
- 4.83%
- 3Y*
- 4.18%
- 5Y*
- -6.57%
- 10Y*
- —
GUSH
- 1D
- -0.22%
- 1M
- -19.15%
- YTD
- 42.54%
- 6M
- 41.51%
- 1Y
- 31.85%
- 3Y*
- 6.88%
- 5Y*
- 6.25%
- 10Y*
- -37.01%
PFFL vs. GUSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -1.90% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares | 42.54% | -19.39% | -12.73% | -7.23% | 66.47% | 129.94% | -97.38% | -52.68% | -80.77% |
Correlation
The correlation between PFFL and GUSH is -0.01, 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 | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | 0.25 |
The correlation between PFFL and GUSH shifts across timeframes, from -0.01 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PFFL vs. GUSH — Risk / Return Rank
PFFL
GUSH
PFFL vs. GUSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) 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.
| PFFL | GUSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.13 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.41 | 0.88 | -0.48 |
| Martin ratioReturn relative to average drawdown | 0.94 | 2.32 | -1.38 |
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Drawdowns
PFFL vs. GUSH - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, smaller than the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for PFFL and GUSH.
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Drawdown Indicators
| PFFL | GUSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -99.98% | +19.30% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -36.18% | +24.26% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -63.59% | +39.84% |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | -73.64% | +25.13% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.94% | — |
Current DrawdownCurrent decline from peak | -39.57% | -99.83% | +60.26% |
Average DrawdownAverage peak-to-trough decline | -28.59% | -92.92% | +64.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.14% | 13.77% | -8.63% |
Volatility
PFFL vs. GUSH - Volatility Comparison
The current volatility for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) is 4.10%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 18.01%. This indicates that PFFL 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
| PFFL | GUSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.10% | 18.01% | -13.91% |
Volatility (6M)Calculated over the trailing 6-month period | 10.67% | 44.07% | -33.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.12% | 56.58% | -39.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.66% | 68.20% | -44.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.16% | 93.43% | -38.27% |
PFFL vs. GUSH - Expense Ratio Comparison
PFFL has a 0.85% expense ratio, which is lower than GUSH's 1.17% expense ratio.
Dividends
PFFL vs. GUSH - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 13.14%, more than GUSH's 1.75% 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 | 1.75% | 2.60% | 2.96% | 3.00% | 0.47% | 0.00% | 0.20% | 1.68% | 0.17% | 0.00% | 3.26% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 13.14% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% | 0.00% | 0.00% |
Frequently Asked Questions
PFFL and GUSH have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GUSH has higher volatility (18.01%) compared to PFFL (4.10%). In terms of maximum drawdown, PFFL dropped -80.68% vs GUSH's -99.98%.
On 5-year performance, GUSH leads with 6.25% vs -6.57% for PFFL. On fees, PFFL is cheaper at 0.85% per year. On volatility, PFFL has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GUSH has performed better with a 6.25% return vs -6.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFFL is cheaper with a 0.85% expense ratio, compared with 1.17% for GUSH.
PFFL has the higher dividend yield at 13.14%, compared with 1.75% for GUSH.
PFFL is categorized as Preferred Stock/Convertible Bonds, while GUSH is Leveraged Equities. PFFL tracks Solactive Preferred Stock ETF Index, while GUSH tracks S&P Oil & Gas Exploration & Production Select Industry Index (300%). They also come from different issuers: UBS and Direxion. Their fees differ too: 0.85% for PFFL and 1.17% for GUSH.
GUSH currently has the higher Sharpe Ratio (0.57 vs 0.28), 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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