SDP vs. GUSH
SDP (ProShares UltraShort Utilities) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both Leveraged Equities funds - SDP tracks the Dow Jones U.S. Utilities 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, SDP returned -20.69%/yr vs -36.44%/yr for GUSH. At a correlation of -0.12, they often move in opposite directions. SDP charges 0.95%/yr vs 1.17%/yr for GUSH.
Performance
SDP vs. GUSH - Performance Comparison
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Returns By Period
In the year-to-date period, SDP achieves a -5.56% return, which is significantly lower than GUSH's 73.56% return. Over the past 10 years, SDP has outperformed GUSH with an annualized return of -20.69%, while GUSH has yielded a comparatively lower -36.44% annualized return.
SDP
- 1D
- 0.71%
- 1M
- 11.99%
- YTD
- -5.56%
- 6M
- -1.63%
- 1Y
- -12.04%
- 3Y*
- -19.38%
- 5Y*
- -16.33%
- 10Y*
- -20.69%
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%
SDP vs. GUSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -5.56% | -22.59% | -30.11% | 18.95% | -12.54% | -33.14% | -36.27% | -35.57% | -9.31% | -22.03% |
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 SDP 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 | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 1, 2015 | -0.12 |
The correlation between SDP and GUSH shifts across timeframes, from -0.20 (5 years) to -0.04 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SDP vs. GUSH — Risk / Return Rank
SDP
GUSH
SDP vs. GUSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Utilities (SDP) 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.
| SDP | GUSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.78 | ||
| Sortino ratioReturn per unit of downside risk | -2.27 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.23 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.42 | 2.62 | -3.04 |
| Martin ratioReturn relative to average drawdown | -0.69 | 6.06 | -6.75 |
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
| SDP | GUSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.41 | 1.37 | -1.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.48 | 0.17 | -0.65 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.55 | -0.39 | -0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.56 | -0.44 | -0.13 |
Drawdowns
SDP vs. GUSH - Drawdown Comparison
The maximum SDP drawdown since its inception was -99.56%, roughly equal to the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for SDP and GUSH.
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Drawdown Indicators
| SDP | GUSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.56% | -99.98% | +0.42% |
Max Drawdown (1Y)Largest decline over 1 year | -29.01% | -28.94% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -63.59% | -2.58% |
Max Drawdown (5Y)Largest decline over 5 years | -66.61% | -73.64% | +7.03% |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | -99.94% | +7.51% |
Current DrawdownCurrent decline from peak | -99.49% | -99.79% | +0.30% |
Average DrawdownAverage peak-to-trough decline | -82.12% | -92.92% | +10.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.38% | 12.52% | +4.86% |
Volatility
SDP vs. GUSH - Volatility Comparison
The current volatility for ProShares UltraShort Utilities (SDP) is 10.86%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 20.17%. This indicates that SDP 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
| SDP | GUSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.86% | 20.17% | -9.31% |
Volatility (6M)Calculated over the trailing 6-month period | 23.05% | 43.47% | -20.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.23% | 55.62% | -26.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.37% | 68.21% | -33.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.51% | 93.72% | -56.21% |
SDP vs. GUSH - Expense Ratio Comparison
SDP has a 0.95% expense ratio, which is lower than GUSH's 1.17% expense ratio.
Dividends
SDP vs. GUSH - Dividend Comparison
SDP's dividend yield for the trailing twelve months is around 3.87%, 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% |
SDP ProShares UltraShort Utilities | 3.87% | 3.99% | 4.66% | 3.04% | 0.56% | 0.00% | 0.13% | 0.87% | 0.05% | 0.00% | 0.00% |
Frequently Asked Questions
SDP 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.
GUSH has higher volatility (20.17%) compared to SDP (10.86%). In terms of maximum drawdown, SDP dropped -99.56% vs GUSH's -99.98%.
On 10-year performance, SDP leads with -20.69% vs -36.44% for GUSH. On fees, SDP is cheaper at 0.95% per year. On volatility, SDP has been the lower-risk option at 10.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SDP has performed better with a -20.69% return vs -36.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDP is cheaper with a 0.95% expense ratio, compared with 1.17% for GUSH.
SDP has the higher dividend yield at 3.87%, compared with 1.44% for GUSH.
SDP tracks Dow Jones U.S. Utilities 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 SDP and 1.17% for GUSH.
GUSH currently has the higher Sharpe Ratio (1.37 vs -0.41), 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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