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 -16.27%/yr vs -36.18%/yr for GUSH. Their -0.22 correlation means they have often moved in opposite directions in the past. 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 -18.22% return, which is significantly lower than GUSH's 59.61% return. Over the past 10 years, SZK has outperformed GUSH with an annualized return of -16.27%, while GUSH has yielded a comparatively lower -36.18% annualized return.
SZK
- 1D
- -0.26%
- 1M
- -3.10%
- 6M
- 2.45%
- YTD
- -18.22%
- 1Y
- -11.75%
- 3Y*
- -6.63%
- 5Y*
- -4.12%
- 10Y*
- -16.27%
- ALL TIME*
- -19.52%
GUSH
- 1D
- -8.09%
- 1M
- 13.41%
- 6M
- 24.52%
- YTD
- 59.61%
- 1Y
- 59.24%
- 3Y*
- -0.49%
- 5Y*
- 17.52%
- 10Y*
- -36.18%
- ALL TIME*
- -42.61%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $36.78M | $35.00M | $31.67M | |
| $56.40K | $61.28K | $43.80K |
SZK vs. GUSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | -18.22% | 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 | 59.61% | -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 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.01 |
Correlation (3Y) Balances recent behavior with more history. | -0.05 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.20 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.23 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | -0.22 |
The correlation between SZK and GUSH shifts across timeframes, from -0.23 (10 years) to 0.01 (1 year), reflecting how their relationship changes across market environments.
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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 | -1.46 | ||
| Sortino ratioReturn per unit of downside risk | -1.98 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.19 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 1.65 | -2.05 |
| Martin ratioReturn relative to average drawdown | -0.77 | 3.69 | -4.45 |
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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 | -99.31% | -99.80% | +0.49% |
Average DrawdownAverage peak-to-trough decline | -82.13% | -92.99% | +10.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.39% | 16.13% | -0.74% |
Volatility
SZK vs. GUSH - Volatility Comparison
The current volatility for ProShares UltraShort Consumer Goods (SZK) is 11.39%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 19.37%. 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 | 11.39% | 19.37% | -7.98% |
Volatility (6M)Calculated over the trailing 6-month period | 22.80% | 45.36% | -22.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.20% | 57.19% | -28.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.97% | 67.42% | -35.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.77% | 92.80% | -59.03% |
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 2.81%, more than GUSH's 1.37% 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 | 1.37% | 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 | 2.81% | 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 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GUSH has higher volatility (19.37%) compared to SZK (11.39%). In terms of maximum drawdown, SZK dropped -99.40% vs GUSH's -99.98%.
On 10-year performance, SZK leads with -16.27% vs -36.18% for GUSH. On fees, SZK is cheaper at 0.95% per year. On volatility, SZK has been the lower-risk option at 11.39%. 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 -16.27% return vs -36.18%. 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 2.81%, compared with 1.37% 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 (1.04 vs -0.42), 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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