XOP vs. GUSH

Last updated Jun 23, 2026

XOP (SPDR S&P Oil & Gas Exploration & Production ETF) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both exchange-traded funds - XOP is a Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry, 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, XOP returned 3.08%/yr vs -37.00%/yr for GUSH. With a 0.99 correlation, they move nearly in lockstep. XOP charges 0.35%/yr vs 1.17%/yr for GUSH.

Performance

XOP vs. GUSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Oil & Gas Exploration & Production ETF (XOP) 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, XOP achieves a 23.78% return, which is significantly lower than GUSH's 42.86% return. Over the past 10 years, XOP has outperformed GUSH with an annualized return of 3.08%, while GUSH has yielded a comparatively lower -37.00% annualized return.

XOP

• 1D: 1.50%
• 1M: -9.47%
• YTD: 23.78%
• 6M: 24.78%
• 1Y: 18.46%
• 3Y*: 10.97%
• 5Y*: 12.47%
• 10Y*: 3.08%

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%

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

XOP vs. GUSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XOP SPDR S&P Oil & Gas Exploration & Production ETF	23.78%	-2.15%	-1.00%	3.56%	45.37%	66.74%	-36.40%	-9.44%	-28.10%	-9.47%
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 XOP and GUSH is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since May 29, 2015	0.99

The correlation between XOP and GUSH has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

XOP vs. GUSH - Sectors Allocation Comparison

Sectors	XOP	GUSH
Energy	96.8%	96.8%
Basic Materials	3.2%	3.2%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XOP vs. GUSH — Risk / Return Rank

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

XOP

XOP Risk / Return Rank: 20
XOP Sharpe Ratio Rank: 19
XOP Sortino Ratio Rank: 19
XOP Omega Ratio Rank: 18
XOP Calmar Ratio Rank: 22
XOP Martin Ratio Rank: 23

GUSH

GUSH Risk / Return Rank: 16
GUSH Sharpe Ratio Rank: 14
GUSH Sortino Ratio Rank: 16
GUSH Omega Ratio Rank: 16
GUSH Calmar Ratio Rank: 16
GUSH Martin Ratio Rank: 16

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.

XOP vs. GUSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Oil & Gas Exploration & Production ETF (XOP) 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.

	XOP	GUSH	Difference
Sharpe ratio: Return per unit of total volatility	0.66	0.40	+0.25
Sortino ratio: Return per unit of downside risk	1.03	0.89	+0.14
Omega ratio: Gain probability vs. loss probability	1.12	1.11	+0.02
Calmar ratio: Return relative to maximum drawdown	1.00	0.63	+0.38
Martin ratio: Return relative to average drawdown	2.84	1.67	+1.18

XOP vs. GUSH - Sharpe Ratio Comparison

The current XOP Sharpe Ratio is 0.66, which is higher than the GUSH Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of XOP 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

XOP vs. GUSH - Drawdown Comparison

The maximum XOP drawdown since its inception was -90.27%, smaller than the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for XOP and GUSH.

Drawdown Indicators

	XOP	GUSH	Difference
Max Drawdown Largest peak-to-trough decline	-90.27%	-99.98%	+9.71%
Max Drawdown (1Y) Largest decline over 1 year	-18.50%	-36.18%	+17.68%
Max Drawdown (3Y) Largest decline over 3 years	-34.98%	-63.59%	+28.61%
Max Drawdown (5Y) Largest decline over 5 years	-34.98%	-73.64%	+38.66%
Max Drawdown (10Y) Largest decline over 10 years	-82.61%	-99.94%	+17.33%
Current Drawdown Current decline from peak	-42.15%	-99.83%	+57.68%
Average Drawdown Average peak-to-trough decline	-42.58%	-92.91%	+50.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.62%	13.92%	-7.30%

Volatility

XOP vs. GUSH - Volatility Comparison

The current volatility for SPDR S&P Oil & Gas Exploration & Production ETF (XOP) is 9.19%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 18.38%. This indicates that XOP 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.

Volatility by Period

	XOP	GUSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.19%	18.38%	-9.19%
Volatility (6M) Calculated over the trailing 6-month period	22.09%	44.33%	-22.24%
Volatility (1Y) Calculated over the trailing 1-year period	28.36%	56.70%	-28.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.88%	68.20%	-34.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.29%	93.57%	-53.28%

XOP vs. GUSH - Expense Ratio Comparison

XOP has a 0.35% expense ratio, which is lower than GUSH's 1.17% expense ratio.

Dividends

XOP vs. GUSH - Dividend Comparison

XOP's dividend yield for the trailing twelve months is around 2.58%, more than GUSH's 1.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	2.58%	2.62%	2.45%	2.63%	2.47%	1.61%	2.34%	1.47%	0.99%	0.76%	0.76%	2.21%

Frequently Asked Questions

Can I hold both XOP and GUSH in my portfolio?

With a correlation of 1.00, XOP and GUSH move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, XOP or GUSH?

GUSH has higher volatility (18.38%) compared to XOP (9.19%). In terms of maximum drawdown, XOP dropped -90.27% vs GUSH's -99.98%.

Which ETF is better, XOP or GUSH?

On 10-year performance, XOP leads with 3.08% vs -37.00% for GUSH. On fees, XOP is cheaper at 0.35% per year. On volatility, XOP has been the lower-risk option at 9.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XOP or GUSH?

Over the 10-year period, XOP has performed better with a 3.08% return vs -37.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XOP or GUSH?

XOP is cheaper with a 0.35% expense ratio, compared with 1.17% for GUSH.

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

XOP has the higher dividend yield at 2.58%, compared with 1.75% for GUSH.

What is the main difference between XOP and GUSH?

XOP is categorized as Energy Equities, while GUSH is Leveraged Equities. XOP tracks S&P Oil & Gas Exploration & Production Select Industry, while GUSH tracks S&P Oil & Gas Exploration & Production Select Industry Index (300%). They also come from different issuers: State Street and Direxion. Their fees differ too: 0.35% for XOP and 1.17% for GUSH.

Which has better risk-adjusted returns?

XOP currently has the higher Sharpe Ratio (0.66 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.