SMN vs. GUSH
SMN (ProShares UltraShort Basic Materials) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both Leveraged Equities funds - SMN tracks the Dow Jones U.S. Basic Materials 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, SMN returned -25.35%/yr vs -37.01%/yr for GUSH. At a correlation of -0.54, they often move in opposite directions. SMN charges 0.95%/yr vs 1.17%/yr for GUSH.
Performance
SMN vs. GUSH - Performance Comparison
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Returns By Period
In the year-to-date period, SMN achieves a -22.50% return, which is significantly lower than GUSH's 42.54% return. Over the past 10 years, SMN has outperformed GUSH with an annualized return of -25.35%, while GUSH has yielded a comparatively lower -37.01% annualized return.
SMN
- 1D
- 2.68%
- 1M
- -3.51%
- YTD
- -22.50%
- 6M
- -21.16%
- 1Y
- -28.70%
- 3Y*
- -15.70%
- 5Y*
- -16.33%
- 10Y*
- -25.35%
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%
SMN vs. GUSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -22.50% | -17.96% | 7.37% | -20.23% | -3.03% | -45.83% | -55.75% | -33.63% | 32.74% | -38.03% |
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 SMN and GUSH is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.52 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | -0.54 |
Over the past year, the inverse relationship between SMN and GUSH has weakened: their correlation has moved from -0.54 to -0.10, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SMN vs. GUSH — Risk / Return Rank
SMN
GUSH
SMN vs. GUSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) 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.
| SMN | GUSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.39 | ||
| Sortino ratioReturn per unit of downside risk | -2.15 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.13 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 0.88 | -1.63 |
| Martin ratioReturn relative to average drawdown | -1.28 | 2.32 | -3.60 |
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Drawdowns
SMN vs. GUSH - Drawdown Comparison
The maximum SMN drawdown since its inception was -99.92%, roughly equal to the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for SMN and GUSH.
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Drawdown Indicators
| SMN | GUSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -99.98% | +0.06% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -36.18% | -2.34% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -63.59% | +9.88% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | -73.64% | +7.59% |
Max Drawdown (10Y)Largest decline over 10 years | -95.39% | -99.94% | +4.55% |
Current DrawdownCurrent decline from peak | -99.91% | -99.83% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -90.55% | -92.92% | +2.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.40% | 13.77% | +8.63% |
Volatility
SMN vs. GUSH - Volatility Comparison
The current volatility for ProShares UltraShort Basic Materials (SMN) is 11.78%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 18.01%. This indicates that SMN 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
| SMN | GUSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.78% | 18.01% | -6.23% |
Volatility (6M)Calculated over the trailing 6-month period | 27.91% | 44.07% | -16.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.15% | 56.58% | -21.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.65% | 68.20% | -28.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.91% | 93.43% | -50.52% |
SMN vs. GUSH - Expense Ratio Comparison
SMN has a 0.95% expense ratio, which is lower than GUSH's 1.17% expense ratio.
Dividends
SMN vs. GUSH - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 4.54%, more than GUSH's 1.75% 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 | 1.75% | 2.60% | 2.96% | 3.00% | 0.47% | 0.00% | 0.20% | 1.68% | 0.17% | 0.00% | 3.26% |
SMN ProShares UltraShort Basic Materials | 4.54% | 4.08% | 5.02% | 4.54% | 0.42% | 0.00% | 0.00% | 0.72% | 0.06% | 0.00% | 0.00% |
Frequently Asked Questions
SMN and GUSH have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GUSH has higher volatility (18.01%) compared to SMN (11.78%). In terms of maximum drawdown, SMN dropped -99.92% vs GUSH's -99.98%.
On 10-year performance, SMN leads with -25.35% vs -37.01% for GUSH. On fees, SMN is cheaper at 0.95% per year. On volatility, SMN has been the lower-risk option at 11.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SMN has performed better with a -25.35% return vs -37.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMN is cheaper with a 0.95% expense ratio, compared with 1.17% for GUSH.
SMN has the higher dividend yield at 4.54%, compared with 1.75% for GUSH.
SMN tracks Dow Jones U.S. Basic Materials 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 SMN and 1.17% for GUSH.
GUSH currently has the higher Sharpe Ratio (0.57 vs -0.82), 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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