RXL vs. GUSH

Last updated Jun 24, 2026

RXL (ProShares Ultra Health Care) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both Leveraged Equities funds - RXL tracks the Dow Jones U.S. Health Care 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, RXL returned 13.05%/yr vs -37.01%/yr for GUSH. At a 0.28 correlation, their price movements are largely independent. RXL charges 0.95%/yr vs 1.17%/yr for GUSH.

Performance

RXL vs. GUSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Health Care (RXL) 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, RXL achieves a -5.37% return, which is significantly lower than GUSH's 42.54% return. Over the past 10 years, RXL has outperformed GUSH with an annualized return of 13.05%, while GUSH has yielded a comparatively lower -37.01% annualized return.

RXL

• 1D: 2.50%
• 1M: 3.01%
• YTD: -5.37%
• 6M: -5.67%
• 1Y: 26.56%
• 3Y*: 4.63%
• 5Y*: 1.95%
• 10Y*: 13.05%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

RXL vs. GUSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RXL ProShares Ultra Health Care	-5.37%	19.76%	-2.72%	-3.15%	-15.26%	48.06%	19.24%	40.40%	3.38%	46.92%
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%	-74.28%	-40.21%

Correlation

The correlation between RXL and GUSH is -0.04, 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	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since May 29, 2015	0.28

The correlation between RXL and GUSH shifts across timeframes, from -0.04 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.

RXL vs. GUSH - Sectors Allocation Comparison

Sectors	RXL	GUSH
Healthcare	77.2%	-
Financial Services	12.2%	-
Basic Materials	-	3.2%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	96.8%
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

RXL vs. GUSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RXL

RXL Risk / Return Rank: 26
RXL Sharpe Ratio Rank: 26
RXL Sortino Ratio Rank: 28
RXL Omega Ratio Rank: 24
RXL Calmar Ratio Rank: 27
RXL Martin Ratio Rank: 24

GUSH

GUSH Risk / Return Rank: 20
GUSH Sharpe Ratio Rank: 18
GUSH Sortino Ratio Rank: 20
GUSH Omega Ratio Rank: 20
GUSH Calmar Ratio Rank: 21
GUSH Martin Ratio Rank: 20

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

RXL vs. GUSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Health Care (RXL) 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.

	RXL	GUSH	Difference
Sharpe ratio: Return per unit of total volatility	0.88	0.57	+0.31
Sortino ratio: Return per unit of downside risk	1.47	1.08	+0.39
Omega ratio: Gain probability vs. loss probability	1.16	1.13	+0.03
Calmar ratio: Return relative to maximum drawdown	1.25	0.88	+0.37
Martin ratio: Return relative to average drawdown	2.85	2.32	+0.53

RXL vs. GUSH - Sharpe Ratio Comparison

The current RXL Sharpe Ratio is 0.88, which is higher than the GUSH Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of RXL 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

RXL vs. GUSH - Drawdown Comparison

The maximum RXL drawdown since its inception was -67.70%, smaller than the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for RXL and GUSH.

Drawdown Indicators

	RXL	GUSH	Difference
Max Drawdown Largest peak-to-trough decline	-67.70%	-99.98%	+32.28%
Max Drawdown (1Y) Largest decline over 1 year	-21.33%	-36.18%	+14.85%
Max Drawdown (3Y) Largest decline over 3 years	-36.08%	-63.59%	+27.51%
Max Drawdown (5Y) Largest decline over 5 years	-36.08%	-73.64%	+37.56%
Max Drawdown (10Y) Largest decline over 10 years	-51.00%	-99.94%	+48.94%
Current Drawdown Current decline from peak	-14.00%	-99.83%	+85.83%
Average Drawdown Average peak-to-trough decline	-15.85%	-92.92%	+77.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.33%	13.77%	-4.44%

Volatility

RXL vs. GUSH - Volatility Comparison

The current volatility for ProShares Ultra Health Care (RXL) is 10.70%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 18.01%. This indicates that RXL 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.

Volatility by Period

	RXL	GUSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.70%	18.01%	-7.31%
Volatility (6M) Calculated over the trailing 6-month period	21.46%	44.07%	-22.61%
Volatility (1Y) Calculated over the trailing 1-year period	30.42%	56.58%	-26.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.76%	68.20%	-38.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.28%	93.43%	-60.15%

RXL vs. GUSH - Expense Ratio Comparison

RXL has a 0.95% expense ratio, which is lower than GUSH's 1.17% expense ratio.

Dividends

RXL vs. GUSH - Dividend Comparison

RXL's dividend yield for the trailing twelve months is around 1.54%, less than GUSH's 1.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
RXL ProShares Ultra Health Care	1.54%	1.43%	1.22%	0.18%	0.32%	0.10%	0.15%	0.27%	0.32%	0.11%	0.12%	0.93%

Frequently Asked Questions

Can I hold both RXL and GUSH in my portfolio?

RXL and GUSH have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RXL or GUSH?

GUSH has higher volatility (18.01%) compared to RXL (10.70%). In terms of maximum drawdown, RXL dropped -67.70% vs GUSH's -99.98%.

Which ETF is better, RXL or GUSH?

On 10-year performance, RXL leads with 13.05% vs -37.01% for GUSH. On fees, RXL is cheaper at 0.95% per year. On volatility, RXL has been the lower-risk option at 10.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RXL or GUSH?

Over the 10-year period, RXL has performed better with a 13.05% return vs -37.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RXL or GUSH?

RXL is cheaper with a 0.95% expense ratio, compared with 1.17% for GUSH.

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

GUSH has the higher dividend yield at 1.75%, compared with 1.54% for RXL.

What is the main difference between RXL and GUSH?

RXL tracks Dow Jones U.S. Health Care 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 RXL and 1.17% for GUSH.

Which has better risk-adjusted returns?

RXL currently has the higher Sharpe Ratio (0.88 vs 0.57), 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.