SZK vs. GUSH
SZK (ProShares UltraShort Consumer Goods) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both Leveraged Equities funds - SZK tracks the Dow Jones U.S. Consumer Goods 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, SZK returned -16.12%/yr vs -36.44%/yr for GUSH. At a correlation of -0.23, they often move in opposite directions. SZK charges 0.95%/yr vs 1.17%/yr for GUSH.
Performance
SZK vs. GUSH - Performance Comparison
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Returns By Period
In the year-to-date period, SZK achieves a -10.45% return, which is significantly lower than GUSH's 73.56% return. Over the past 10 years, SZK has outperformed GUSH with an annualized return of -16.12%, while GUSH has yielded a comparatively lower -36.44% annualized return.
SZK
- 1D
- -0.60%
- 1M
- 3.66%
- YTD
- -10.45%
- 6M
- -8.35%
- 1Y
- 2.69%
- 3Y*
- -4.48%
- 5Y*
- -3.44%
- 10Y*
- -16.12%
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%
SZK vs. GUSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | -10.45% | 3.37% | -11.33% | -3.10% | 47.20% | -37.78% | -58.24% | -39.43% | 33.62% | -27.22% |
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 SZK and GUSH is -0.02, 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 | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.24 |
Correlation (All Time) Calculated using the full available price history since Jun 1, 2015 | -0.23 |
Over the past year, the inverse relationship between SZK and GUSH has weakened: their correlation has moved from -0.23 to -0.02, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SZK vs. GUSH — Risk / Return Rank
SZK
GUSH
SZK vs. GUSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Consumer Goods (SZK) 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.
| SZK | GUSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.26 | ||
| Sortino ratioReturn per unit of downside risk | -1.51 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.23 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.09 | 2.62 | -2.53 |
| Martin ratioReturn relative to average drawdown | 0.21 | 6.06 | -5.85 |
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
| SZK | GUSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.11 | 1.37 | -1.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.11 | 0.17 | -0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | -0.39 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | -0.44 | -0.15 |
Drawdowns
SZK vs. GUSH - Drawdown Comparison
The maximum SZK drawdown since its inception was -99.40%, roughly equal to the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for SZK and GUSH.
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Drawdown Indicators
| SZK | GUSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.40% | -99.98% | +0.58% |
Max Drawdown (1Y)Largest decline over 1 year | -29.26% | -28.94% | -0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -41.81% | -63.59% | +21.78% |
Max Drawdown (5Y)Largest decline over 5 years | -41.81% | -73.64% | +31.83% |
Max Drawdown (10Y)Largest decline over 10 years | -86.78% | -99.94% | +13.16% |
Current DrawdownCurrent decline from peak | -99.24% | -99.79% | +0.55% |
Average DrawdownAverage peak-to-trough decline | -81.99% | -92.92% | +10.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.87% | 12.52% | +0.35% |
Volatility
SZK vs. GUSH - Volatility Comparison
The current volatility for ProShares UltraShort Consumer Goods (SZK) is 8.10%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 20.17%. This indicates that SZK 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
| SZK | GUSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.10% | 20.17% | -12.07% |
Volatility (6M)Calculated over the trailing 6-month period | 19.99% | 43.47% | -23.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.19% | 55.62% | -30.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.45% | 68.21% | -36.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.60% | 93.72% | -60.12% |
SZK vs. GUSH - Expense Ratio Comparison
SZK has a 0.95% expense ratio, which is lower than GUSH's 1.17% expense ratio.
Dividends
SZK vs. GUSH - Dividend Comparison
SZK's dividend yield for the trailing twelve months is around 2.65%, 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% |
SZK ProShares UltraShort Consumer Goods | 2.65% | 2.90% | 5.70% | 4.03% | 0.56% | 0.00% | 0.19% | 1.70% | 0.50% | 0.00% | 0.00% |
Frequently Asked Questions
SZK and GUSH have a correlation of -0.02, 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 SZK (8.10%). In terms of maximum drawdown, SZK dropped -99.40% vs GUSH's -99.98%.
On 10-year performance, SZK leads with -16.12% vs -36.44% for GUSH. On fees, SZK is cheaper at 0.95% per year. On volatility, SZK has been the lower-risk option at 8.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SZK has performed better with a -16.12% return vs -36.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SZK is cheaper with a 0.95% expense ratio, compared with 1.17% for GUSH.
SZK has the higher dividend yield at 2.65%, compared with 1.44% for GUSH.
SZK tracks Dow Jones U.S. Consumer Goods 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 SZK and 1.17% for GUSH.
GUSH currently has the higher Sharpe Ratio (1.37 vs 0.11), 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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