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 -24.12%/yr vs -35.11%/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 -19.90% return, which is significantly lower than GUSH's 77.98% return. Over the past 10 years, SMN has outperformed GUSH with an annualized return of -24.12%, while GUSH has yielded a comparatively lower -35.11% annualized return.
SMN
- 1D
- -0.44%
- 1M
- 6.34%
- 6M
- -9.45%
- YTD
- -19.90%
- 1Y
- -20.05%
- 3Y*
- -12.05%
- 5Y*
- -16.15%
- 10Y*
- -24.12%
- ALL TIME*
- -27.55%
GUSH
- 1D
- 4.39%
- 1M
- 28.50%
- 6M
- 69.76%
- YTD
- 77.98%
- 1Y
- 73.50%
- 3Y*
- 7.19%
- 5Y*
- 19.43%
- 10Y*
- -35.11%
- ALL TIME*
- -42.16%
SMN vs. GUSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -19.90% | -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 | 77.98% | -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 -0.03, 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 | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.51 |
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 -0.03, 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 | -1.89 | ||
| Sortino ratioReturn per unit of downside risk | -2.44 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.22 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 2.04 | -2.56 |
| Martin ratioReturn relative to average drawdown | -0.84 | 4.65 | -5.48 |
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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 | -94.78% | -99.94% | +5.16% |
Current DrawdownCurrent decline from peak | -99.91% | -99.78% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -90.59% | -92.96% | +2.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.05% | 15.86% | +8.19% |
Volatility
SMN vs. GUSH - Volatility Comparison
The current volatility for ProShares UltraShort Basic Materials (SMN) is 9.80%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 13.02%. 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 | 9.80% | 13.02% | -3.22% |
Volatility (6M)Calculated over the trailing 6-month period | 28.13% | 44.46% | -16.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.26% | 56.42% | -21.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.60% | 67.52% | -27.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.84% | 92.98% | -50.14% |
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 3.49%, more than GUSH's 1.22% 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 | 1.22% | 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 | 3.49% | 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 -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GUSH has higher volatility (13.02%) compared to SMN (9.80%). In terms of maximum drawdown, SMN dropped -99.92% vs GUSH's -99.98%.
On 10-year performance, SMN leads with -24.12% vs -35.11% for GUSH. On fees, SMN is cheaper at 0.95% per year. On volatility, SMN has been the lower-risk option at 9.80%. 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 -24.12% return vs -35.11%. 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 3.49%, compared with 1.22% 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 (1.32 vs -0.57), 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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