UCO vs. GUSH
UCO (ProShares Ultra Bloomberg Crude Oil) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both exchange-traded funds - UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while GUSH is a Leveraged Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry Index (300%). Both are passively managed. Over the past 10 years, UCO returned 19.62%/yr vs -37.00%/yr for GUSH. A 0.66 correlation means they provide meaningful diversification when combined. UCO charges 0.95%/yr vs 1.17%/yr for GUSH.
Performance
UCO vs. GUSH - Performance Comparison
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Returns By Period
In the year-to-date period, UCO achieves a 84.21% return, which is significantly higher than GUSH's 42.86% return. Over the past 10 years, UCO has outperformed GUSH with an annualized return of 19.62%, while GUSH has yielded a comparatively lower -37.00% annualized return.
UCO
- 1D
- -2.87%
- 1M
- -24.66%
- YTD
- 84.21%
- 6M
- 80.57%
- 1Y
- 27.70%
- 3Y*
- 15.87%
- 5Y*
- 12.83%
- 10Y*
- 19.62%
GUSH
- 1D
- 3.14%
- 1M
- -18.97%
- YTD
- 42.86%
- 6M
- 44.72%
- 1Y
- 22.58%
- 3Y*
- 6.96%
- 5Y*
- 7.01%
- 10Y*
- -37.00%
UCO vs. GUSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 84.21% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares | 42.86% | -19.39% | -12.73% | -7.23% | 66.47% | 129.94% | -97.38% | -52.68% | -74.28% | -40.21% |
Correlation
The correlation between UCO and GUSH is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | 0.66 |
The correlation between UCO and GUSH has been stable across timeframes, ranging from 0.64 to 0.68 - a consistent structural relationship.
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Return for Risk
UCO vs. GUSH — Risk / Return Rank
UCO
GUSH
UCO vs. GUSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) 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.
| UCO | GUSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.11 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 0.63 | +0.24 |
| Martin ratioReturn relative to average drawdown | 1.72 | 1.67 | +0.06 |
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Drawdowns
UCO vs. GUSH - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.86%, roughly equal to the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for UCO and GUSH.
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Drawdown Indicators
| UCO | GUSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.86% | -99.98% | +0.12% |
Max Drawdown (1Y)Largest decline over 1 year | -31.96% | -36.18% | +4.22% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -63.59% | +13.21% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -73.64% | +6.40% |
Max Drawdown (10Y)Largest decline over 10 years | -96.50% | -99.94% | +3.44% |
Current DrawdownCurrent decline from peak | -85.71% | -99.83% | +14.12% |
Average DrawdownAverage peak-to-trough decline | -82.11% | -92.91% | +10.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.90% | 13.92% | +4.98% |
Volatility
UCO vs. GUSH - Volatility Comparison
The current volatility for ProShares Ultra Bloomberg Crude Oil (UCO) is 16.18%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 18.38%. This indicates that UCO 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
| UCO | GUSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.18% | 18.38% | -2.20% |
Volatility (6M)Calculated over the trailing 6-month period | 48.09% | 44.33% | +3.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.66% | 56.70% | +0.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.09% | 68.20% | -8.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 317.79% | 93.57% | +224.22% |
UCO vs. GUSH - Expense Ratio Comparison
UCO has a 0.95% expense ratio, which is lower than GUSH's 1.17% expense ratio.
Dividends
UCO vs. GUSH - Dividend Comparison
UCO has not paid dividends to shareholders, while GUSH's dividend yield for the trailing twelve months is around 1.75%.
| 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% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UCO and GUSH have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GUSH has higher volatility (18.38%) compared to UCO (16.18%). In terms of maximum drawdown, UCO dropped -99.86% vs GUSH's -99.98%.
On 10-year performance, UCO leads with 19.62% vs -37.00% for GUSH. On fees, UCO is cheaper at 0.95% per year. On volatility, UCO has been the lower-risk option at 16.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UCO has performed better with a 19.62% return vs -37.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCO is cheaper with a 0.95% expense ratio, compared with 1.17% for GUSH.
GUSH has the higher dividend yield at 1.75%, compared with 0.00% for UCO.
UCO is categorized as Oil & Gas, while GUSH is Leveraged Equities. UCO tracks Bloomberg Commodity Balanced WTI Crude Oil 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 UCO and 1.17% for GUSH.
UCO currently has the higher Sharpe Ratio (0.48 vs 0.40), 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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