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GUSH vs UCO

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

GUSHCNYSE Arca

ProShares Ultra Bloomberg Crude Oil

UCOCNYSE Arca

Overlap

Expense ratio

GUSH −0.01pt a year

GUSH0.94%UCO0.95%

Avg volume · 30D

UCO 3.9×the volume

GUSH685KUCO2.69M

10Y return · a year

UCO +27.7pt

GUSH−33.4%UCO−5.7%

GUSH vs UCO Performance

Oct 29, 2021 – Oct 30, 2026

+105.0%GUSH+178.5%UCO

Oct 29, 2021 to Oct 30, 2026. GUSH +105.0%. UCO +178.5%. Use the arrow keys to read each point.0%50%150%Oct 2021Apr 2024Oct 2026
Expense ratio
GUSH 0.94%, better
UCO 0.95%
Fund size
GUSH $226M
UCO $510M
1Y total return
GUSH +134.2%
UCO +213.0%, better
Yield (12M)
GUSH 0.93%
UCO No data
Holdings
GUSH 60
UCO 1
Avg volume (30D)
GUSH 685K sh
UCO 2.69M sh, better
NAV per share
GUSH $49.58
UCO $68.02
52W range

ETF.net Grade

GUSH: Cost 61, Risk 37, Mission not scored, Tradability 43, Holdings not scored, Durability 48. UCO: Cost 32, Risk 52, Mission not scored, Tradability 80, Holdings not scored, Durability 70.
Pillar letters and Scores for GUSH, UCO, with each pillar’s weight
PillarGUSHUCO
Cost30% weightB61HigherD32
Mission25% weightNot scoredNot scored
Risk15% weightD37C52Higher
Tradability15% weightC43A80Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC48A70Higher

Rank among 2x/3x Long Energy funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. GUSH and UCO 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 ›

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

  1. Rank 1BERXDirexion Daily Energy Bull 2X ETFScore 66
  2. Rank 2CGUSHDirexion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETFScore 50
  3. Rank 2CUCOProShares Ultra Bloomberg Crude OilScore 50
  4. Rank 4CDIGProShares Ultra EnergyScore 47

Our read on each fund

ETF.net Research

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

UCOCProShares Ultra Bloomberg Crude Oil

In short

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.

UCO Most leveraged energy funds juice oil-company stocks. UCO levers the barrel itself: 2x the daily move of a WTI futures index that spreads across three roll schedules instead of camping in the front-month contract.

Stated mandate

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.

UCO UCO seeks daily results, before fees and expenses, equal to two times the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index.

Why people hold it

  • 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.
  • UCO Crude, not drillers: 2x the daily move of a WTI futures index, while cohort peers ERX, GUSH and DIG lever baskets of energy stocks.proshares.com
  • The benchmark splits equally across monthly, June-annual and December-annual futures roll schedules, reset semi-annually, so it is not pinned to the front-month contract.proshares.comsec.gov
  • Actively traded, and its 0.95% expense ratio sits right at the median for 2x energy funds. Live since 2008, through several oil booms and busts.

Worth knowing

  • 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.
  • UCO The leverage resets daily. Hold past a day and compounding takes over, so multi-day results can differ from 2x the period's oil move, especially in choppy markets.proshares.com
  • Structured as a commodity pool, so tax time brings a Schedule K-1 rather than a 1099.proshares.com
  • A price-move vehicle, not an income one: the fund has not been paying distributions.

Full GUSH profile⁠

Full UCO profile⁠

GUSH vs UCO 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.

GUSH vs UCO Cost

Overpaying UCO vs GUSH

$165

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

  • GUSH 0.94%

    $17,704

  • UCO 0.95%

    $17,869

$10,000
30 years

Cost over time

  • GUSH 0.94%
  • UCO 0.95%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530UCO $17,869GUSH $17,704

Year by year

YearGUSHUCOOverpaying
10$1,661$1,678$17
20$6,260$6,322$62
30$17,704$17,869$165

Expense ratio

  • 0.94%GUSH, cheaper
  • 0.95%UCO
  • Middle half of 2x/3x Long Energy funds
  • Median 0.94%

GUSH 3rd cheapest of 6 funds

UCO 4th cheapest of 6 funds

GUSH vs UCO Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
GUSH 0.93%
UCO No data
Payout (12M)
GUSH $0.48
UCO None
Last payment
GUSH $0.15
UCO No data
Ex-dividend
GUSH Sep 22, 2026
UCO No data
Paid on
GUSH Sep 29, 2026
UCO No data
Frequency
GUSH Quarterly
UCO No data

Distribution history

Per share, 2017 to 2026, same scale for both

GUSHQuarterly · 26 paymentsAll GUSH payments⁠
One bar per payment. 26 payments from 2017 to 2026 YTD. Sep 25, 2018 $0.93; Dec 27, 2018 $0.42; Mar 19, 2019 $3.01; Jun 25, 2019 $1.12; Sep 24, 2019 $1.28; Dec 23, 2019 $0.73; Jun 23, 2020 $0.0023; Sep 22, 2020 $0.00014; Dec 22, 2020 $0.02; Jun 22, 2022 $0.03; Sep 20, 2022 $0.14; Mar 21, 2023 $0.28; Jun 21, 2023 $0.23; Sep 19, 2023 $0.26; Dec 21, 2023 $0.21; Mar 19, 2024 $0.22; Jun 25, 2024 $0.22; Sep 24, 2024 $0.20; Dec 23, 2024 $0.18; Mar 25, 2025 $0.16; Jun 24, 2025 $0.15; Sep 23, 2025 $0.15; Dec 23, 2025 $0.11; Mar 24, 2026 $0.14; Jun 23, 2026 $0.08; Sep 22, 2026 $0.15. Use the arrow keys to read each point.$0$2.502017202020232026YTD
UCOAll UCO payments⁠

No distribution history available.

GUSH vs UCO Risk

Fall from peak · 5 years

  • GUSH
  • UCO
Oct 29, 2021 to Oct 30, 2026. Worst fall: GUSH −73.7% · Apr 2025. Use the arrow keys to read each point.−60%−40%−20%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
GUSH 53.7%UCO 53.7%Same figure. Both funds show the same value, so neither comes out ahead.
Return per unit of riskSharpe ratio, 3 years
GUSH 0.41UCO 0.63, better
Worst fallMax drawdown, 5 years
GUSH −73.7%UCO −67.2%, better
Market sensitivityBeta, 5 years
GUSH 0.01UCO 2.79

GUSH and UCO in the news

All news⁠

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