SMDD vs. GUSH
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 -40.87%/yr vs -37.16%/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
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Returns By Period
In the year-to-date period, SMDD achieves a -36.25% return, which is significantly lower than GUSH's 39.21% return. Over the past 10 years, SMDD has underperformed GUSH with an annualized return of -40.87%, while GUSH has yielded a comparatively higher -37.16% annualized return.
SMDD
- 1D
- -2.43%
- 1M
- -10.32%
- YTD
- -36.25%
- 6M
- -32.21%
- 1Y
- -48.94%
- 3Y*
- -38.79%
- 5Y*
- -30.05%
- 10Y*
- -40.87%
GUSH
- 1D
- -2.57%
- 1M
- -21.04%
- YTD
- 39.21%
- 6M
- 39.47%
- 1Y
- 30.65%
- 3Y*
- 6.04%
- 5Y*
- 5.31%
- 10Y*
- -37.16%
SMDD vs. GUSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -36.25% | -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 | 39.21% | -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 | -0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.53 |
Correlation (All Time) Calculated using the full available price history since May 29, 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.
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Return for Risk
SMDD vs. GUSH — Risk / Return Rank
SMDD
GUSH
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.
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.
| SMDD | GUSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.58 | ||
| Sortino ratioReturn per unit of downside risk | -2.60 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.13 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 0.85 | -1.82 |
| Martin ratioReturn relative to average drawdown | -1.68 | 2.20 | -3.88 |
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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.
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Drawdown Indicators
| SMDD | GUSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -99.98% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -50.54% | -36.18% | -14.36% |
Max Drawdown (3Y)Largest decline over 3 years | -81.99% | -63.59% | -18.40% |
Max Drawdown (5Y)Largest decline over 5 years | -87.81% | -73.64% | -14.17% |
Max Drawdown (10Y)Largest decline over 10 years | -99.52% | -99.94% | +0.42% |
Current DrawdownCurrent decline from peak | -99.99% | -99.83% | -0.16% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -92.92% | -0.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.20% | 13.94% | +15.26% |
Volatility
SMDD vs. GUSH - Volatility Comparison
The current volatility for ProShares UltraPro Short MidCap400 (SMDD) is 14.01%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 17.90%. 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.
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Volatility by Period
| SMDD | GUSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.01% | 17.90% | -3.89% |
Volatility (6M)Calculated over the trailing 6-month period | 35.56% | 44.16% | -8.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.65% | 56.16% | -8.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.88% | 68.19% | -9.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.35% | 93.42% | -30.07% |
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 7.31%, more than GUSH's 1.57% 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 | 1.57% | 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 | 7.31% | 4.96% | 4.09% | 3.86% | 0.14% | 0.00% | 0.13% | 1.51% | 0.09% | 0.00% | 0.00% |
Frequently Asked Questions
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.
GUSH has higher volatility (17.90%) compared to SMDD (14.01%). In terms of maximum drawdown, SMDD dropped -99.99% vs GUSH's -99.98%.
On 10-year performance, GUSH leads with -37.16% vs -40.87% for SMDD. On fees, SMDD is cheaper at 0.95% per year. On volatility, SMDD has been the lower-risk option at 14.01%. 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 -37.16% return vs -40.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMDD is cheaper with a 0.95% expense ratio, compared with 1.17% for GUSH.
SMDD has the higher dividend yield at 7.31%, compared with 1.57% for 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.
GUSH currently has the higher Sharpe Ratio (0.55 vs -1.03), 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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