SMDD vs. GUSH

Last updated Jun 4, 2026

SMDD (ProShares UltraPro Short MidCap400) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both Leveraged Equities funds - SMDD tracks the S&P MidCap 400 Index (-300%) while GUSH tracks the S&P Oil & Gas Exploration & Production Select Industry Index (300%). Both are passively managed. Over the past 10 years, SMDD returned -40.23%/yr vs -36.44%/yr for GUSH. At a correlation of -0.54, they often move in opposite directions. SMDD charges 0.95%/yr vs 1.17%/yr for GUSH.

Performance

SMDD vs. GUSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short MidCap400 (SMDD) 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, SMDD achieves a -33.48% return, which is significantly lower than GUSH's 73.56% return. Over the past 10 years, SMDD has underperformed GUSH with an annualized return of -40.23%, while GUSH has yielded a comparatively higher -36.44% annualized return.

SMDD

• 1D: 0.19%
• 1M: -11.19%
• YTD: -33.48%
• 6M: -33.71%
• 1Y: -48.94%
• 3Y*: -38.20%
• 5Y*: -29.60%
• 10Y*: -40.23%

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%

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

SMDD vs. GUSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMDD ProShares UltraPro Short MidCap400	-33.48%	-27.46%	-31.02%	-38.37%	7.69%	-58.01%	-74.71%	-53.34%	33.50%	-39.87%
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 SMDD and GUSH is -0.08, 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	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	-0.38
Correlation (5Y) Calculated over the trailing 5-year period	-0.49
Correlation (10Y) Calculated over the trailing 10-year period	-0.53
Correlation (All Time) Calculated using the full available price history since Jun 1, 2015	-0.54

Over the past year, the inverse relationship between SMDD and GUSH has weakened: their correlation has moved from -0.54 to -0.08, meaning they move in opposite directions less often than they have historically.

Return for Risk

SMDD vs. GUSH — Risk / Return Rank

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

SMDD

SMDD Risk / Return Rank: 1
SMDD Sharpe Ratio Rank: 1
SMDD Sortino Ratio Rank: 1
SMDD Omega Ratio Rank: 1
SMDD Calmar Ratio Rank: 1
SMDD Martin Ratio Rank: 1

GUSH

GUSH Risk / Return Rank: 39
GUSH Sharpe Ratio Rank: 38
GUSH Sortino Ratio Rank: 34
GUSH Omega Ratio Rank: 34
GUSH Calmar Ratio Rank: 52
GUSH Martin Ratio Rank: 38

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.

SMDD vs. GUSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) 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.

	SMDD	GUSH	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	1.37	-2.42
Sortino ratio: Return per unit of downside risk	-1.59	1.84	-3.43
Omega ratio: Gain probability vs. loss probability	0.82	1.23	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.97	2.62	-3.60
Martin ratio: Return relative to average drawdown	-1.65	6.06	-7.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMDD vs. GUSH - Sharpe Ratio Comparison

The current SMDD Sharpe Ratio is -1.05, which is lower than the GUSH Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of SMDD 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.

Sharpe Ratios by Period

	SMDD	GUSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.05	1.37	-2.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.51	0.17	-0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.64	-0.39	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	-0.71	-0.44	-0.27

Drawdowns

SMDD vs. GUSH - Drawdown Comparison

The maximum SMDD 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 SMDD and GUSH.

Drawdown Indicators

	SMDD	GUSH	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-99.98%	-0.01%
Max Drawdown (1Y) Largest decline over 1 year	-50.42%	-28.94%	-21.48%
Max Drawdown (3Y) Largest decline over 3 years	-81.09%	-63.59%	-17.50%
Max Drawdown (5Y) Largest decline over 5 years	-87.20%	-73.64%	-13.56%
Max Drawdown (10Y) Largest decline over 10 years	-99.50%	-99.94%	+0.44%
Current Drawdown Current decline from peak	-99.99%	-99.79%	-0.20%
Average Drawdown Average peak-to-trough decline	-92.96%	-92.92%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.68%	12.52%	+17.16%

Volatility

SMDD vs. GUSH - Volatility Comparison

The current volatility for ProShares UltraPro Short MidCap400 (SMDD) is 13.34%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 20.17%. This indicates that SMDD 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

	SMDD	GUSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.34%	20.17%	-6.83%
Volatility (6M) Calculated over the trailing 6-month period	34.30%	43.47%	-9.17%
Volatility (1Y) Calculated over the trailing 1-year period	46.71%	55.62%	-8.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.82%	68.21%	-9.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.34%	93.72%	-30.38%

SMDD vs. GUSH - Expense Ratio Comparison

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

Dividends

SMDD vs. GUSH - Dividend Comparison

SMDD's dividend yield for the trailing twelve months is around 7.01%, 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%
SMDD ProShares UltraPro Short MidCap400	7.01%	4.96%	4.09%	3.86%	0.14%	0.00%	0.13%	1.51%	0.09%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMDD and GUSH in my portfolio?

SMDD and GUSH have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMDD or GUSH?

GUSH has higher volatility (20.17%) compared to SMDD (13.34%). In terms of maximum drawdown, SMDD dropped -99.99% vs GUSH's -99.98%.

Which ETF is better, SMDD or GUSH?

On 10-year performance, GUSH leads with -36.44% vs -40.23% for SMDD. On fees, SMDD is cheaper at 0.95% per year. On volatility, SMDD has been the lower-risk option at 13.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMDD or GUSH?

Over the 10-year period, GUSH has performed better with a -36.44% return vs -40.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMDD or GUSH?

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

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

SMDD has the higher dividend yield at 7.01%, compared with 1.44% for GUSH.

What is the main difference between SMDD and GUSH?

SMDD tracks S&P MidCap 400 Index (-300%), 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 SMDD and 1.17% for GUSH.

Which has better risk-adjusted returns?

GUSH currently has the higher Sharpe Ratio (1.37 vs -1.05), 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.