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 -6.81%/yr vs 17.69%/yr for GUSH. At a 0.24 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 -3.27% return, which is significantly lower than GUSH's 63.46% return.
PFFL
- 1D
- -1.16%
- 1M
- -3.46%
- 6M
- -7.41%
- YTD
- -3.27%
- 1Y
- -0.36%
- 3Y*
- 3.48%
- 5Y*
- -6.81%
- 10Y*
- —
GUSH
- 1D
- 1.89%
- 1M
- 12.19%
- 6M
- 54.37%
- YTD
- 63.46%
- 1Y
- 57.75%
- 3Y*
- 7.54%
- 5Y*
- 17.69%
- 10Y*
- -36.14%
PFFL vs. GUSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -3.27% | 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 | 63.46% | -19.39% | -12.73% | -7.23% | 66.47% | 129.94% | -97.38% | -52.68% | -80.77% |
Correlation
The correlation between PFFL and GUSH is -0.05, 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 | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | 0.24 |
The correlation between PFFL and GUSH shifts across timeframes, from -0.05 (1 year) to 0.24 (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 | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.47 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.19 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | 1.60 | -1.63 |
| Martin ratioReturn relative to average drawdown | -0.06 | 3.69 | -3.75 |
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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 | -40.41% | -99.80% | +59.39% |
Average DrawdownAverage peak-to-trough decline | -28.68% | -92.96% | +64.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.63% | 15.71% | -10.08% |
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 13.14%. 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% | 13.14% | -9.04% |
Volatility (6M)Calculated over the trailing 6-month period | 11.00% | 44.29% | -33.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.37% | 56.34% | -39.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.70% | 67.75% | -44.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.95% | 92.95% | -38.00% |
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 12.72%, more than GUSH's 1.33% 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 | 1.33% | 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 | 12.72% | 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 -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GUSH has higher volatility (13.14%) 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 17.69% vs -6.81% 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 17.69% return vs -6.81%. 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 12.72%, compared with 1.33% 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 (1.03 vs -0.02), 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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