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 -25.09%/yr vs -36.44%/yr for GUSH. At a correlation of -0.55, 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 -23.85% return, which is significantly lower than GUSH's 73.56% return. Over the past 10 years, SMN has outperformed GUSH with an annualized return of -25.09%, while GUSH has yielded a comparatively lower -36.44% annualized return.
SMN
- 1D
- -0.81%
- 1M
- -4.18%
- YTD
- -23.85%
- 6M
- -27.24%
- 1Y
- -28.88%
- 3Y*
- -17.26%
- 5Y*
- -14.35%
- 10Y*
- -25.09%
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%
SMN vs. GUSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -23.85% | -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 | 73.56% | -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 they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.32 |
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 Jun 1, 2015 | -0.55 |
Over the past year, the inverse relationship between SMN and GUSH has weakened: their correlation has moved from -0.55 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.
| SMN | GUSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -2.98 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.23 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 2.62 | -3.38 |
| Martin ratioReturn relative to average drawdown | -1.36 | 6.06 | -7.42 |
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
| SMN | GUSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.86 | 1.37 | -2.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | 0.17 | -0.53 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | -0.39 | -0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | -0.44 | -0.10 |
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% | -28.94% | -9.58% |
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% | -99.79% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -90.55% | -92.92% | +2.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.25% | 12.52% | +8.73% |
Volatility
SMN vs. GUSH - Volatility Comparison
The current volatility for ProShares UltraShort Basic Materials (SMN) is 11.58%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 20.17%. 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 | 11.58% | 20.17% | -8.59% |
Volatility (6M)Calculated over the trailing 6-month period | 26.63% | 43.47% | -16.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.89% | 55.62% | -21.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.54% | 68.21% | -28.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.90% | 93.72% | -50.82% |
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 4.62%, 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% |
SMN ProShares UltraShort Basic Materials | 4.62% | 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 (20.17%) compared to SMN (11.58%). In terms of maximum drawdown, SMN dropped -99.92% vs GUSH's -99.98%.
On 10-year performance, SMN leads with -25.09% vs -36.44% for GUSH. On fees, SMN is cheaper at 0.95% per year. On volatility, SMN has been the lower-risk option at 11.58%. 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 -25.09% return vs -36.44%. 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 4.62%, compared with 1.44% 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 (1.37 vs -0.86), 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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