SMCX vs. GUSH
SMCX (Defiance Daily Target 2X Long SMCI ETF) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both Leveraged Equities funds. SMCX is actively managed, while GUSH is passively managed. Over the past year, SMCX returned -60.96% vs 75.56% for GUSH. At a 0.14 correlation, their price movements are largely independent. SMCX charges 1.29%/yr vs 1.17%/yr for GUSH.
Performance
SMCX vs. GUSH - Performance Comparison
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Returns By Period
In the year-to-date period, SMCX achieves a 34.65% return, which is significantly lower than GUSH's 73.56% return.
SMCX
- 1D
- -10.89%
- 1M
- 157.98%
- YTD
- 34.65%
- 6M
- -1.99%
- 1Y
- -60.96%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
SMCX vs. GUSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMCX Defiance Daily Target 2X Long SMCI ETF | 34.65% | -69.78% | -89.57% |
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares | 73.56% | -19.39% | -7.61% |
Correlation
The correlation between SMCX 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 (All Time) Calculated using the full available price history since Aug 23, 2024 | 0.14 |
The correlation between SMCX and GUSH shifts across timeframes, from 0.04 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMCX vs. GUSH — Risk / Return Rank
SMCX
GUSH
SMCX vs. GUSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long SMCI ETF (SMCX) 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.
| SMCX | GUSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.23 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.64 | 2.62 | -3.27 |
| Martin ratioReturn relative to average drawdown | -0.90 | 6.06 | -6.96 |
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
| SMCX | GUSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.39 | 1.37 | -1.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.17 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.39 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.42 | -0.44 | +0.02 |
Drawdowns
SMCX vs. GUSH - Drawdown Comparison
The maximum SMCX drawdown since its inception was -99.02%, roughly equal to the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for SMCX and GUSH.
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Drawdown Indicators
| SMCX | GUSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.02% | -99.98% | +0.96% |
Max Drawdown (1Y)Largest decline over 1 year | -94.75% | -28.94% | -65.81% |
Max Drawdown (3Y)Largest decline over 3 years | — | -63.59% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -73.64% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.94% | — |
Current DrawdownCurrent decline from peak | -95.87% | -99.79% | +3.92% |
Average DrawdownAverage peak-to-trough decline | -87.27% | -92.92% | +5.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.77% | 12.52% | +55.25% |
Volatility
SMCX vs. GUSH - Volatility Comparison
Defiance Daily Target 2X Long SMCI ETF (SMCX) has a higher volatility of 57.58% compared to Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) at 20.17%. This indicates that SMCX's price experiences larger fluctuations and is considered to be riskier 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
| SMCX | GUSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 57.58% | 20.17% | +37.41% |
Volatility (6M)Calculated over the trailing 6-month period | 149.68% | 43.47% | +106.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 157.25% | 55.62% | +101.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 199.87% | 68.21% | +131.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 199.87% | 93.72% | +106.15% |
SMCX vs. GUSH - Expense Ratio Comparison
SMCX has a 1.29% expense ratio, which is higher than GUSH's 1.17% expense ratio.
Dividends
SMCX vs. GUSH - Dividend Comparison
SMCX's dividend yield for the trailing twelve months is around 3.26%, 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% |
SMCX Defiance Daily Target 2X Long SMCI ETF | 3.26% | 4.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMCX 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.
SMCX has higher volatility (57.58%) compared to GUSH (20.17%). In terms of maximum drawdown, SMCX dropped -99.02% vs GUSH's -99.98%.
On 1-year performance, GUSH leads with 75.56% vs -60.96% for SMCX. On fees, GUSH is cheaper at 1.17% per year. On volatility, GUSH has been the lower-risk option at 20.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GUSH has performed better with a 75.56% return vs -60.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GUSH is cheaper with a 1.17% expense ratio, compared with 1.29% for SMCX.
SMCX has the higher dividend yield at 3.26%, compared with 1.44% for GUSH.
They also come from different issuers: Defiance and Direxion. Their fees differ too: 1.29% for SMCX and 1.17% for GUSH.
GUSH currently has the higher Sharpe Ratio (1.37 vs -0.39), 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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