TZA vs. GUSH
TZA (Direxion Daily Small Cap Bear 3X Shares) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both Leveraged Equities funds from Direxion - TZA tracks the Russell 2000 Index (-300%) while GUSH tracks the S&P Oil & Gas Exploration & Production Select Industry Index (300%). Both are passively managed. Over the past 10 years, TZA returned -42.58%/yr vs -34.13%/yr for GUSH. Their -0.54 correlation means they have often moved in opposite directions in the past. TZA charges 1.11%/yr vs 1.17%/yr for GUSH.
Performance
TZA vs. GUSH - Performance Comparison
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Returns By Period
In the year-to-date period, TZA achieves a -43.24% return, which is significantly lower than GUSH's 84.27% return. Over the past 10 years, TZA has underperformed GUSH with an annualized return of -42.58%, while GUSH has yielded a comparatively higher -34.13% annualized return.
TZA
- 1D
- 1.46%
- 1M
- 6.63%
- 6M
- -33.61%
- YTD
- -43.24%
- 1Y
- -63.97%
- 3Y*
- -40.66%
- 5Y*
- -31.37%
- 10Y*
- -42.58%
- ALL TIME*
- -49.66%
GUSH
- 1D
- 2.66%
- 1M
- 29.75%
- 6M
- 50.64%
- YTD
- 84.27%
- 1Y
- 87.82%
- 3Y*
- 5.22%
- 5Y*
- 20.49%
- 10Y*
- -34.13%
- ALL TIME*
- -41.90%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $34.81M | $32.68M | $31.93M | |
| $153.79M | $463.04M | $1.03B |
TZA vs. GUSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -43.24% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares | 84.27% | -19.39% | -12.73% | -7.23% | 66.47% | 129.94% | -97.38% | -52.68% | -74.28% | -40.21% |
Correlation
The correlation between TZA and GUSH is 0.02, 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. | 0.02 |
Correlation (3Y) Balances recent behavior with more history. | -0.31 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.45 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.53 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | -0.54 |
The correlation between TZA and GUSH shifts across timeframes, from -0.54 (all time) to 0.02 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TZA vs. GUSH — Risk / Return Rank
TZA
GUSH
TZA vs. GUSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) 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.
| TZA | GUSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.39 | ||
| Sortino ratioReturn per unit of downside risk | -3.61 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.22 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 2.07 | -2.99 |
| Martin ratioReturn relative to average drawdown | -1.34 | 4.68 | -6.02 |
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Drawdowns
TZA vs. GUSH - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, roughly equal to the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for TZA and GUSH.
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Drawdown Indicators
| TZA | GUSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.98% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -67.34% | -36.18% | -31.16% |
Max Drawdown (3Y)Largest decline over 3 years | -89.50% | -63.59% | -25.91% |
Max Drawdown (5Y)Largest decline over 5 years | -91.74% | -73.64% | -18.10% |
Max Drawdown (10Y)Largest decline over 10 years | -99.67% | -99.94% | +0.27% |
Current DrawdownCurrent decline from peak | -100.00% | -99.77% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -92.98% | -5.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 46.18% | 16.04% | +30.14% |
Volatility
TZA vs. GUSH - Volatility Comparison
The current volatility for Direxion Daily Small Cap Bear 3X Shares (TZA) is 11.25%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 16.40%. This indicates that TZA 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
| TZA | GUSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.25% | 16.40% | -5.15% |
Volatility (6M)Calculated over the trailing 6-month period | 42.35% | 45.15% | -2.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.73% | 56.92% | +0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.27% | 67.48% | -0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.83% | 92.83% | -24.00% |
TZA vs. GUSH - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is lower than GUSH's 1.17% expense ratio.
Dividends
TZA vs. GUSH - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 4.67%, more than GUSH's 1.18% 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 | 1.18% | 2.60% | 2.96% | 3.00% | 0.47% | 0.00% | 0.20% | 1.68% | 0.17% | 0.00% | 3.26% |
TZA Direxion Daily Small Cap Bear 3X Shares | 4.67% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% | 0.00% | 0.00% |
Frequently Asked Questions
TZA 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 (16.40%) compared to TZA (11.25%). In terms of maximum drawdown, TZA dropped -100.00% vs GUSH's -99.98%.
On 10-year performance, GUSH leads with -34.13% vs -42.58% for TZA. On fees, TZA is cheaper at 1.11% per year. On volatility, TZA has been the lower-risk option at 11.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GUSH has performed better with a -34.13% return vs -42.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TZA is cheaper with a 1.11% expense ratio, compared with 1.17% for GUSH.
TZA has the higher dividend yield at 4.67%, compared with 1.18% for GUSH.
TZA tracks Russell 2000 Index (-300%), while GUSH tracks S&P Oil & Gas Exploration & Production Select Industry Index (300%). Their fees differ too: 1.11% for TZA and 1.17% for GUSH.
GUSH currently has the higher Sharpe Ratio (1.32 vs -1.07), 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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