ERX vs GUSH: Grades, Fees and Holdings Compared

Direxion Daily Energy Bull 2X ETF

ERXBNYSE Arca

Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF

GUSHCNYSE Arca

Overlap

20.0%by weight

Expense ratio

ERX −0.03pt a year

ERX0.91%GUSH0.94%

Avg volume · 30D

GUSH 2.4×the volume

ERX287KGUSH685K

10Y return · a year

ERX +27.1pt

ERX−6.3%GUSH−33.4%

ERX vs GUSH Performance

Oct 29, 2021 – Oct 30, 2026

+363.0%ERX+105.0%GUSH

Expense ratio: ERX 0.91%, better; GUSH 0.94%
Fund size: ERX $287M; GUSH $226M
1Y total return: ERX +140.9%, better; GUSH +134.2%
Yield (12M): ERX 1.08%, better; GUSH 0.93%
Holdings: ERX 28; GUSH 60
Avg volume (30D): ERX 287K sh; GUSH 685K sh, better
NAV per share: ERX $124.23; GUSH $49.58
52W range

ETF.net Grade

Pillar letters and Scores for ERX, GUSH, with each pillar’s weight
Pillar	ERX	GUSH
Cost30% weight	A74Higher	B61
Mission25% weight	Not scored	Not scored
Risk15% weight	B69Higher	D37
Tradability15% weight	C54Higher	C43
Holdings10% weight	Not scored	Not scored
Durability5% weight	C53Higher	C48

Rank among 2x/3x Long Energy funds

How we build Categories ›

Same Category. ERX and GUSH are both graded against the same 6 2x/3x Long Energy funds, so their Grades compare head to head.

2x/3x Long Energy⁠

Category · 6 funds

See all 6 ›

ERX ranks 1st and GUSH 2nd of 6 funds in the 2x/3x Long Energy Category.

Rank 1BERXDirexion Daily Energy Bull 2X ETFScore 66
Rank 2CGUSHDirexion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETFScore 50
Rank 2CUCOProShares Ultra Bloomberg Crude OilScore 50

Our read on each fund

ETF.net Research

ERXBDirexion Daily Energy Bull 2X ETF

GUSHCDirexion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF

In short

ERX The 2008 original of the leveraged energy trade: 2x the daily move of the Energy Select Sector Index, built from oil-major stocks rather than crude futures. Sector-wide exposure, dialed up, for holding periods measured in days.

GUSH A 2x bet on the drillers, not the barrel. GUSH aims for 200% of the daily move of an S&P index of oil and gas exploration and production stocks, resetting every single close.

Stated mandate

ERX The fund seeks daily investment results, before fees and expenses, equal to 200% of the performance of the Energy Select Sector Index for a single day. It is not designed to deliver twice the index’s cumulative return over periods longer than one day.

GUSH The fund seeks daily investment results equal to 200% of the performance of the S&P Oil & Gas Exploration & Production Select Industry Index, before fees and expenses.

Why people hold it

ERX At 0.91% it undercuts every rival in its leveraged energy group, including GUSH (0.94%), UCO and BOIL (0.95%) and DIG (1.07%).
Rides a stock index of roughly 30 US energy companies, so there is no crude futures roll to fight, unlike the commodity-based versions of the same trade.direxion.com
Live since November 2008, it has traded through multiple oil booms and busts. Few leveraged sector funds have that much tape behind them.
One of the stronger implementations in the leveraged energy peer group, with low cost doing much of the heavy lifting.

GUSH Targets 200% of the daily move of the S&P Oil & Gas Exploration & Production Select Industry Index: the companies pulling it out of the ground, not a broad energy basket.direxion.com
Exposure comes from roughly 60 E&P stocks rather than a crude or gas futures ladder, unlike commodity-based peers such as UCO and BOIL.
0.94% expense ratio lands at the low end of its leveraged energy peer group, below DIG's 1.07%.
Live since 2015 and actively traded, so it carries a full oil cycle of operating history.

Worth knowing

ERX The 2x target resets every day. Hold longer and compounding takes over, so a week or a month can land well away from twice the index move.
One sector, one country, about 30 stocks, then doubled. The concentration is the point and the risk in the same breath.
Moderately traded rather than one of the busiest leveraged funds on the tape, so spreads and order size carry more weight at the point of entry.

GUSH The 2x target applies to one trading day. Over longer holds, daily compounding can pull results away from twice the index move for that stretch.direxion.com
One industry, doubled. E&P share prices move with crude, and the leverage magnifies both directions.
A near-1% fee is heavy next to plain index funds, and it accrues the whole time the position is open. Distributions are quarterly.

Full ERX profile⁠

Full GUSH profile⁠

ERX vs GUSH Holdings

How ERX and GUSH differ

Overlap by weight

20.0%

Shared holdings make up 36.7% of ERX and 23.0% of GUSH.

Level by level

Holdings15 in both20.0%
Sector3 Sectors96.3%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in ERX and GUSH, widest gap first
Sector	More in ERXMore in GUSH	ERX	GUSH
Energy	ERX +3.7 points	100.0%	96.3%
Materials	GUSH +3.3 points	0.0%	3.3%
Technology	GUSH +0.4 points	0.0%	0.3%

Country, concentration and asset class

Country by domicile

Country weights in ERX and GUSH, widest gap first
Country	More in ERXMore in GUSH	ERX	GUSH
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

ERX85.1%
GUSH67.6%

Securities held

ERX22
GUSH52

Asset class

ERX: Equity
GUSH: Equity

Holdings

Only in ERX7
In both15
Only in GUSH37

Only in ERX

7 securities, 6.3% of ERX by weight

Williams Cos Inc1.26%
Slb Ltd1.13%
Targa Resources Corp0.95%
Kinder Morgan Inc0.95%
Oneok Inc0.86%
Baker Hughes Co0.77%
Halliburton Co0.42%

Only in GUSH

37 securities, 21.7% of GUSH by weight

Range Resources Corp1.16%
Murphy Oil Corp1.00%
Ovintiv Inc1.00%
Permian Resources Corp-Cl A0.97%
Antero Resources Corp0.95%
Sm Energy Co0.94%
Hf Sinclair Corp0.93%
Viper Energy Inc-Cl A0.93%
Chord Energy Corp0.92%
Pbf Energy Inc-Class A0.89%
Matador Resources Co0.89%
Cnx Resources Corp0.88%
Venture Global Inc-Cl A0.87%
Crescent Energy Inc-A0.87%
Delek Us Holdings Inc0.85%
Magnolia Oil & Gas Corp - A0.85%
Par Pacific Holdings Inc0.79%
Northern Oil and Gas Inc0.76%
California Resources Corp0.65%
Gulfport Energy Corp0.64%
Calumet Inc0.56%
World Kinect Corp0.49%
Talos Energy Inc0.44%
Kosmos Energy Ltd0.41%
Cvr Energy Inc0.37%
Comstock Resources Inc0.29%
Green Plains Inc0.23%
Bkv Corporation0.20%
Diversified Energy Co0.19%
Riley Exploration Permian In0.13%
Vitesse Energy Inc0.13%
Sable Offshore Corp0.12%
Vaalco Energy Inc0.11%
Rex American Resources Corp0.11%
Sandridge Energy Inc0.07%
Gevo Inc0.05%
New Era Energy & Digital Inc0.05%

Weight gaps

All 15 Holdings in both funds, largest gap first.

Holding weights in ERX and GUSH, widest gap first
Holding	More in ERXMore in GUSH	ERX	GUSH
Exxonmobil Holdings CorpXOM	ERX +6.21 points	7.21%	1.00%
Chevron CorpCVX	ERX +4.48 points	5.45%	0.97%
ConocophillipsCOP	ERX +1.16 points	2.15%	0.99%
Apa CorpAPA	GUSH +0.77 points	0.26%	1.03%
Expand Energy CorpEXE	GUSH +0.54 points	0.30%	0.84%
Texas Pacific Land CorpTPL	GUSH +0.52 points	0.27%	0.79%
Eqt CorpEQT	GUSH +0.42 points	0.48%	0.90%
Marathon Petroleum CorpMPC	ERX +0.40 points	1.37%	0.97%
Phillips 66PSX	ERX +0.39 points	1.33%	0.94%
Valero Energy CorpVLO	ERX +0.36 points	1.25%	0.89%
Diamondback Energy IncFANG	GUSH +0.32 points	0.60%	0.92%
Occidental Petroleum CorpOXY	GUSH +0.27 points	0.65%	0.92%
Eog Resources IncEOG	ERX +0.22 points	1.21%	0.99%
Devon Energy CorpDVN	GUSH +0.14 points	0.80%	0.94%
Goldman Finl Sq Trsry Inst 506	GUSH +0.03 points	3.15%	3.18%

All 30 ERX holdings⁠All 63 GUSH holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ERX vs GUSH Cost

Overpaying GUSH vs ERX

$497

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

ERX 0.91%
$17,207
GUSH 0.94%
$17,704

Amount$10,000

Years30 years

Cost over time

ERX 0.91%
GUSH 0.94%
Overpaying

Year by year

Year	ERX	GUSH	Overpaying
10	$1,610	$1,661	$51
20	$6,076	$6,260	$184
30	$17,207	$17,704	$497

Expense ratio

0.91%ERX, cheaper
0.94%GUSH

ERX0.91%GUSH0.94%

0.45%0.95%

Middle half of 2x/3x Long Energy funds
Median 0.94%

ERX 2nd cheapest of 6 funds

GUSH 3rd cheapest of 6 funds

ERX vs GUSH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ERX 1.08%, better; GUSH 0.93%
Payout (12M): ERX $1.39; GUSH $0.48
Last payment: ERX $0.37; GUSH $0.15
Ex-dividend: ERX Sep 22, 2026; GUSH Sep 22, 2026
Paid on: ERX Sep 29, 2026; GUSH Sep 29, 2026
Frequency: ERX Quarterly; GUSH Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ERXQuarterly · 35 paymentsAll ERX payments⁠

GUSHQuarterly · 26 paymentsAll GUSH payments⁠

ERX vs GUSH Risk

Fall from peak · 5 years

ERX
GUSH

Risk facts

VolatilityStd dev, 3 years: ERX 43.5%, betterGUSH 53.7%
Return per unit of riskSharpe ratio, 3 years: ERX 0.77, betterGUSH 0.41
Worst fallMax drawdown, 5 years: ERX −46.9%, betterGUSH −73.7%
Market sensitivityBeta, 5 years: ERX −0.03GUSH 0.01; Market = 1

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