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 -15.51%/yr vs -36.17%/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 -14.00% return, which is significantly lower than GUSH's 60.43% return. Over the past 10 years, SZK has outperformed GUSH with an annualized return of -15.51%, while GUSH has yielded a comparatively lower -36.17% annualized return.
SZK
- 1D
- 0.41%
- 1M
- 4.03%
- 6M
- -3.40%
- YTD
- -14.00%
- 1Y
- -7.29%
- 3Y*
- -5.15%
- 5Y*
- -3.86%
- 10Y*
- -15.51%
GUSH
- 1D
- -1.08%
- 1M
- 8.47%
- 6M
- 47.75%
- YTD
- 60.43%
- 1Y
- 49.74%
- 3Y*
- 7.19%
- 5Y*
- 17.25%
- 10Y*
- -36.17%
SZK vs. GUSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | -14.00% | 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 | 60.43% | -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 -0.03, 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 | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.24 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | -0.23 |
Over the past year, the inverse relationship between SZK and GUSH has weakened: their correlation has moved from -0.23 to -0.03, 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.
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.
| SZK | GUSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.16 | ||
| Sortino ratioReturn per unit of downside risk | -1.62 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.17 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | 1.38 | -1.63 |
| Martin ratioReturn relative to average drawdown | -0.51 | 3.19 | -3.70 |
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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% | -36.18% | +6.92% |
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 | -99.27% | -99.80% | +0.53% |
Average DrawdownAverage peak-to-trough decline | -82.07% | -92.95% | +10.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.44% | 15.64% | -1.20% |
Volatility
SZK vs. GUSH - Volatility Comparison
The current volatility for ProShares UltraShort Consumer Goods (SZK) is 10.31%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 15.87%. 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 | 10.31% | 15.87% | -5.56% |
Volatility (6M)Calculated over the trailing 6-month period | 21.75% | 44.36% | -22.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.87% | 56.51% | -29.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.75% | 67.84% | -36.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.64% | 92.96% | -59.32% |
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 2.67%, more than GUSH's 1.36% 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 | 1.36% | 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 | 2.67% | 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 -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GUSH has higher volatility (15.87%) compared to SZK (10.31%). In terms of maximum drawdown, SZK dropped -99.40% vs GUSH's -99.98%.
On 10-year performance, SZK leads with -15.51% vs -36.17% for GUSH. On fees, SZK is cheaper at 0.95% per year. On volatility, SZK has been the lower-risk option at 10.31%. 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 -15.51% return vs -36.17%. 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 2.67%, compared with 1.36% 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 (0.89 vs -0.27), 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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