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 -44.17%/yr vs -37.01%/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
Loading charts...
Returns By Period
In the year-to-date period, TZA achieves a -46.35% return, which is significantly lower than GUSH's 42.54% return. Over the past 10 years, TZA has underperformed GUSH with an annualized return of -44.17%, while GUSH has yielded a comparatively higher -37.01% annualized return.
TZA
- 1D
- 2.05%
- 1M
- -12.69%
- YTD
- -46.35%
- 6M
- -42.28%
- 1Y
- -67.58%
- 3Y*
- -46.88%
- 5Y*
- -30.52%
- 10Y*
- -44.17%
GUSH
- 1D
- -0.22%
- 1M
- -19.15%
- YTD
- 42.54%
- 6M
- 41.51%
- 1Y
- 31.85%
- 3Y*
- 6.88%
- 5Y*
- 6.25%
- 10Y*
- -37.01%
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 | -46.35% | -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 | 42.54% | -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 | -0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.54 |
Correlation (All Time) Calculated using the full available price history since May 29, 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -1.73 | ||
| Sortino ratioReturn per unit of downside risk | -3.21 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.13 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 0.88 | -1.88 |
| Martin ratioReturn relative to average drawdown | -1.56 | 2.32 | -3.88 |
Loading charts...
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.
Loading charts...
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 | -68.07% | -36.18% | -31.89% |
Max Drawdown (3Y)Largest decline over 3 years | -89.28% | -63.59% | -25.69% |
Max Drawdown (5Y)Largest decline over 5 years | -91.56% | -73.64% | -17.92% |
Max Drawdown (10Y)Largest decline over 10 years | -99.74% | -99.94% | +0.20% |
Current DrawdownCurrent decline from peak | -100.00% | -99.83% | -0.17% |
Average DrawdownAverage peak-to-trough decline | -97.99% | -92.92% | -5.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.46% | 13.77% | +29.69% |
Volatility
TZA vs. GUSH - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 19.17% compared to Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) at 18.01%. This indicates that TZA'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.
Loading charts...
Volatility by Period
| TZA | GUSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.17% | 18.01% | +1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 42.84% | 44.07% | -1.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.62% | 56.58% | +2.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.66% | 68.20% | -0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.98% | 93.43% | -24.45% |
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 5.35%, more than GUSH's 1.75% 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 | 1.75% | 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 | 5.35% | 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.
TZA has higher volatility (19.17%) compared to GUSH (18.01%). In terms of maximum drawdown, TZA dropped -100.00% vs GUSH's -99.98%.
On 10-year performance, GUSH leads with -37.01% vs -44.17% for TZA. On fees, TZA is cheaper at 1.11% per year. On volatility, GUSH has been the lower-risk option at 18.01%. 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 -37.01% return vs -44.17%. 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 5.35%, compared with 1.75% 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 (0.57 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.
Find the right allocation for TZA and GUSH
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer