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 -43.15%/yr vs -36.44%/yr for GUSH. At a correlation of -0.54, they often move in opposite directions. 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 -40.43% return, which is significantly lower than GUSH's 73.56% return. Over the past 10 years, TZA has underperformed GUSH with an annualized return of -43.15%, while GUSH has yielded a comparatively higher -36.44% annualized return.
TZA
- 1D
- 3.75%
- 1M
- -10.87%
- YTD
- -40.43%
- 6M
- -38.50%
- 1Y
- -65.59%
- 3Y*
- -44.69%
- 5Y*
- -30.11%
- 10Y*
- -43.15%
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%
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 | -40.43% | -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 | 73.56% | -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 -0.05, 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 | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 1, 2015 | -0.54 |
Over the past year, the inverse relationship between TZA and GUSH has weakened: their correlation has moved from -0.54 to -0.05, meaning they move in opposite directions less often than they have historically.
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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.
| TZA | GUSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.52 | ||
| Sortino ratioReturn per unit of downside risk | -3.91 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.23 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 2.62 | -3.60 |
| Martin ratioReturn relative to average drawdown | -1.51 | 6.06 | -7.56 |
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
| TZA | GUSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.16 | 1.37 | -2.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | 0.17 | -0.62 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.63 | -0.39 | -0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | -0.44 | -0.28 |
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 | -67.28% | -28.94% | -38.34% |
Max Drawdown (3Y)Largest decline over 3 years | -88.34% | -63.59% | -24.75% |
Max Drawdown (5Y)Largest decline over 5 years | -90.83% | -73.64% | -17.19% |
Max Drawdown (10Y)Largest decline over 10 years | -99.71% | -99.94% | +0.23% |
Current DrawdownCurrent decline from peak | -100.00% | -99.79% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -92.92% | -5.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.51% | 12.52% | +30.99% |
Volatility
TZA vs. GUSH - Volatility Comparison
The current volatility for Direxion Daily Small Cap Bear 3X Shares (TZA) is 17.03%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 20.17%. 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 | 17.03% | 20.17% | -3.14% |
Volatility (6M)Calculated over the trailing 6-month period | 40.64% | 43.47% | -2.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.05% | 55.62% | +1.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.43% | 68.21% | -0.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.91% | 93.72% | -24.81% |
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 4.82%, 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% |
TZA Direxion Daily Small Cap Bear 3X Shares | 4.82% | 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 -0.05, 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 TZA (17.03%). In terms of maximum drawdown, TZA dropped -100.00% vs GUSH's -99.98%.
On 10-year performance, GUSH leads with -36.44% vs -43.15% for TZA. On fees, TZA is cheaper at 1.11% per year. On volatility, TZA has been the lower-risk option at 17.03%. 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 -36.44% return vs -43.15%. 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 4.82%, compared with 1.44% 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 (1.37 vs -1.16), 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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