REW vs. GUSH
REW (ProShares UltraShort Technology) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both Leveraged Equities funds - REW tracks the Dow Jones U.S. Technology Index (-200%) while GUSH tracks the S&P Oil & Gas Exploration & Production Select Industry Index (300%). Both are passively managed. Over the past 10 years, REW returned -45.16%/yr vs -36.44%/yr for GUSH. At a correlation of -0.28, they often move in opposite directions. REW charges 0.95%/yr vs 1.17%/yr for GUSH.
Performance
REW vs. GUSH - Performance Comparison
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Returns By Period
In the year-to-date period, REW achieves a -48.44% return, which is significantly lower than GUSH's 73.56% return. Over the past 10 years, REW has underperformed GUSH with an annualized return of -45.16%, while GUSH has yielded a comparatively higher -36.44% annualized return.
REW
- 1D
- 2.13%
- 1M
- -32.71%
- YTD
- -48.44%
- 6M
- -47.77%
- 1Y
- -65.29%
- 3Y*
- -47.19%
- 5Y*
- -40.21%
- 10Y*
- -45.16%
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%
REW vs. GUSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | -48.44% | -43.15% | -33.70% | -61.35% | 65.72% | -53.61% | -71.34% | -56.83% | -10.02% | -49.11% |
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares | 73.56% | -19.39% | -12.73% | -7.23% | 66.47% | 129.94% | -97.38% | -52.68% | -74.28% | -40.21% |
Correlation
The correlation between REW and GUSH is 0.10, 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 | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.27 |
Correlation (All Time) Calculated using the full available price history since Jun 1, 2015 | -0.28 |
The correlation between REW and GUSH shifts across timeframes, from -0.28 (all time) to 0.10 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
REW vs. GUSH — Risk / Return Rank
REW
GUSH
REW vs. GUSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Technology (REW) 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.
| REW | GUSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.93 | ||
| Sortino ratioReturn per unit of downside risk | -4.86 | ||
| Omega ratioGain probability vs. loss probability | 0.69 | 1.23 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 2.62 | -3.61 |
| Martin ratioReturn relative to average drawdown | -2.00 | 6.06 | -8.06 |
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
| REW | GUSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.56 | 1.37 | -2.93 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.78 | 0.17 | -0.95 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.93 | -0.39 | -0.54 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | -0.44 | -0.36 |
Drawdowns
REW vs. GUSH - Drawdown Comparison
The maximum REW drawdown since its inception was -99.99%, roughly equal to the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for REW and GUSH.
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Drawdown Indicators
| REW | GUSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -99.98% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -66.25% | -28.94% | -37.31% |
Max Drawdown (3Y)Largest decline over 3 years | -86.76% | -63.59% | -23.17% |
Max Drawdown (5Y)Largest decline over 5 years | -93.62% | -73.64% | -19.98% |
Max Drawdown (10Y)Largest decline over 10 years | -99.79% | -99.94% | +0.15% |
Current DrawdownCurrent decline from peak | -99.99% | -99.79% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -86.88% | -92.92% | +6.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.60% | 12.52% | +20.08% |
Volatility
REW vs. GUSH - Volatility Comparison
The current volatility for ProShares UltraShort Technology (REW) is 14.84%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 20.17%. This indicates that REW 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
| REW | GUSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.84% | 20.17% | -5.33% |
Volatility (6M)Calculated over the trailing 6-month period | 34.14% | 43.47% | -9.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.11% | 55.62% | -13.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.64% | 68.21% | -16.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.83% | 93.72% | -44.89% |
REW vs. GUSH - Expense Ratio Comparison
REW has a 0.95% expense ratio, which is lower than GUSH's 1.17% expense ratio.
Dividends
REW vs. GUSH - Dividend Comparison
REW's dividend yield for the trailing twelve months is around 11.04%, 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% |
REW ProShares UltraShort Technology | 11.04% | 6.69% | 5.68% | 5.97% | 0.65% | 0.00% | 0.27% | 1.80% | 0.51% | 0.00% | 0.00% |
Frequently Asked Questions
REW and GUSH have a correlation of 0.10, 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 REW (14.84%). In terms of maximum drawdown, REW dropped -99.99% vs GUSH's -99.98%.
On 10-year performance, GUSH leads with -36.44% vs -45.16% for REW. On fees, REW is cheaper at 0.95% per year. On volatility, REW has been the lower-risk option at 14.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GUSH has performed better with a -36.44% return vs -45.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
REW is cheaper with a 0.95% expense ratio, compared with 1.17% for GUSH.
REW has the higher dividend yield at 11.04%, compared with 1.44% for GUSH.
REW tracks Dow Jones U.S. Technology Index (-200%), while GUSH tracks S&P Oil & Gas Exploration & Production Select Industry Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for REW and 1.17% for GUSH.
GUSH currently has the higher Sharpe Ratio (1.37 vs -1.56), 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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