TSMG vs. GUSH

Last updated Jun 25, 2026

TSMG (Leverage Shares 2X Long TSM Daily ETF) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both Leveraged Equities funds. TSMG is actively managed, while GUSH is passively managed. Over the past year, TSMG returned 218.18% vs 30.65% for GUSH. At a 0.07 correlation, their price movements are largely independent. TSMG charges 0.75%/yr vs 1.17%/yr for GUSH.

Performance

TSMG vs. GUSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long TSM Daily ETF (TSMG) and Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSMG achieves a 83.76% return, which is significantly higher than GUSH's 39.21% return.

TSMG

• 1D: 1.87%
• 1M: 15.01%
• YTD: 83.76%
• 6M: 89.30%
• 1Y: 218.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GUSH

• 1D: -2.57%
• 1M: -21.04%
• YTD: 39.21%
• 6M: 39.47%
• 1Y: 30.65%
• 3Y*: 6.04%
• 5Y*: 5.31%
• 10Y*: -37.16%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TSMG vs. GUSH - Yearly Performance Comparison

	2026 (YTD)	2025
TSMG Leverage Shares 2X Long TSM Daily ETF	83.76%	71.03%
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	39.21%	-29.75%

Correlation

The correlation between TSMG and GUSH is -0.09, 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	-0.09
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	0.07

The correlation between TSMG and GUSH shifts across timeframes, from -0.09 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TSMG vs. GUSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TSMG

TSMG Risk / Return Rank: 85
TSMG Sharpe Ratio Rank: 92
TSMG Sortino Ratio Rank: 75
TSMG Omega Ratio Rank: 71
TSMG Calmar Ratio Rank: 94
TSMG Martin Ratio Rank: 92

GUSH

GUSH Risk / Return Rank: 20
GUSH Sharpe Ratio Rank: 18
GUSH Sortino Ratio Rank: 20
GUSH Omega Ratio Rank: 20
GUSH Calmar Ratio Rank: 21
GUSH Martin Ratio Rank: 20

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TSMG vs. GUSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long TSM Daily ETF (TSMG) 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.

	TSMG	GUSH	Difference
Sharpe ratio: Return per unit of total volatility	2.88	0.55	+2.33
Sortino ratio: Return per unit of downside risk	3.00	1.06	+1.94
Omega ratio: Gain probability vs. loss probability	1.37	1.13	+0.24
Calmar ratio: Return relative to maximum drawdown	6.22	0.85	+5.37
Martin ratio: Return relative to average drawdown	19.84	2.20	+17.63

TSMG vs. GUSH - Sharpe Ratio Comparison

The current TSMG Sharpe Ratio is 2.88, which is higher than the GUSH Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of TSMG and GUSH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TSMG vs. GUSH - Drawdown Comparison

The maximum TSMG drawdown since its inception was -63.67%, smaller than the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for TSMG and GUSH.

Drawdown Indicators

	TSMG	GUSH	Difference
Max Drawdown Largest peak-to-trough decline	-63.67%	-99.98%	+36.31%
Max Drawdown (1Y) Largest decline over 1 year	-35.29%	-36.18%	+0.89%
Max Drawdown (3Y) Largest decline over 3 years	—	-63.59%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-73.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.94%	—
Current Drawdown Current decline from peak	-11.88%	-99.83%	+87.95%
Average Drawdown Average peak-to-trough decline	-16.63%	-92.92%	+76.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.05%	13.94%	-2.89%

Volatility

TSMG vs. GUSH - Volatility Comparison

Leverage Shares 2X Long TSM Daily ETF (TSMG) has a higher volatility of 32.95% compared to Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) at 17.90%. This indicates that TSMG's price experiences larger fluctuations and is considered to be riskier than GUSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMG	GUSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.95%	17.90%	+15.05%
Volatility (6M) Calculated over the trailing 6-month period	60.72%	44.16%	+16.56%
Volatility (1Y) Calculated over the trailing 1-year period	76.79%	56.16%	+20.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.11%	68.19%	+14.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.11%	93.42%	-10.31%

TSMG vs. GUSH - Expense Ratio Comparison

TSMG has a 0.75% expense ratio, which is lower than GUSH's 1.17% expense ratio.

Dividends

TSMG vs. GUSH - Dividend Comparison

TSMG's dividend yield for the trailing twelve months is around 6.25%, more than GUSH's 1.57% 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	1.57%	2.60%	2.96%	3.00%	0.47%	0.00%	0.20%	1.68%	0.17%	0.00%	3.26%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.25%	11.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSMG and GUSH in my portfolio?

TSMG and GUSH have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSMG or GUSH?

TSMG has higher volatility (32.95%) compared to GUSH (17.90%). In terms of maximum drawdown, TSMG dropped -63.67% vs GUSH's -99.98%.

Which ETF is better, TSMG or GUSH?

On 1-year performance, TSMG leads with 218.18% vs 30.65% for GUSH. On fees, TSMG is cheaper at 0.75% per year. On volatility, GUSH has been the lower-risk option at 17.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMG or GUSH?

Over the 1-year period, TSMG has performed better with a 218.18% return vs 30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMG or GUSH?

TSMG is cheaper with a 0.75% expense ratio, compared with 1.17% for GUSH.

Which ETF pays a higher dividend yield, TSMG or GUSH?

TSMG has the higher dividend yield at 6.25%, compared with 1.57% for GUSH.

What is the main difference between TSMG and GUSH?

They also come from different issuers: Leverage Shares and Direxion. Their fees differ too: 0.75% for TSMG and 1.17% for GUSH.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (2.88 vs 0.55), 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.