CRWL vs. PANG

Last updated Jul 18, 2026

CRWL (GraniteShares 2x Long CRWD Daily ETF) and PANG (Leverage Shares 2X Long PANW Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, CRWL returned 96.94% vs 149.41% for PANG. A 0.77 correlation means they provide meaningful diversification when combined. CRWL charges 1.50%/yr vs 0.75%/yr for PANG.

Performance

CRWL vs. PANG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long CRWD Daily ETF (CRWL) and Leverage Shares 2X Long PANW Daily ETF (PANG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CRWL achieves a 127.84% return, which is significantly lower than PANG's 211.77% return.

CRWL

• 1D: -0.41%
• 1M: 35.19%
• 6M: 145.85%
• YTD: 127.84%
• 1Y: 96.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PANG

• 1D: 2.73%
• 1M: 55.80%
• 6M: 204.53%
• YTD: 211.77%
• 1Y: 149.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CRWL vs. PANG - Yearly Performance Comparison

	2026 (YTD)	2025
CRWL GraniteShares 2x Long CRWD Daily ETF	127.84%	23.23%
PANG Leverage Shares 2X Long PANW Daily ETF	211.77%	-14.75%

Correlation

The correlation between CRWL and PANG is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Mar 21, 2025	0.77

The correlation between CRWL and PANG has been stable across timeframes, ranging from 0.77 to 0.78 - a consistent structural relationship.

Return for Risk

CRWL vs. PANG — Risk / Return Rank

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

CRWL

CRWL Risk / Return Rank: 39
CRWL Sharpe Ratio Rank: 37
CRWL Sortino Ratio Rank: 46
CRWL Omega Ratio Rank: 46
CRWL Calmar Ratio Rank: 38
CRWL Martin Ratio Rank: 29

PANG

PANG Risk / Return Rank: 62
PANG Sharpe Ratio Rank: 76
PANG Sortino Ratio Rank: 66
PANG Omega Ratio Rank: 65
PANG Calmar Ratio Rank: 65
PANG Martin Ratio Rank: 40

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.

CRWL vs. PANG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long CRWD Daily ETF (CRWL) and Leverage Shares 2X Long PANW Daily ETF (PANG). 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.

	CRWL	PANG	Difference
Sharpe ratio: Return per unit of total volatility	1.02	1.81	-0.79
Sortino ratio: Return per unit of downside risk	1.83	2.29	-0.47
Omega ratio: Gain probability vs. loss probability	1.23	1.30	-0.07
Calmar ratio: Return relative to maximum drawdown	1.50	2.41	-0.91
Martin ratio: Return relative to average drawdown	3.06	4.83	-1.78

CRWL vs. PANG - Sharpe Ratio Comparison

The current CRWL Sharpe Ratio is 1.02, which is lower than the PANG Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of CRWL and PANG, 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

CRWL vs. PANG - Drawdown Comparison

The maximum CRWL drawdown since its inception was -64.99%, roughly equal to the maximum PANG drawdown of -62.38%. Use the drawdown chart below to compare losses from any high point for CRWL and PANG.

Drawdown Indicators

	CRWL	PANG	Difference
Max Drawdown Largest peak-to-trough decline	-64.99%	-62.38%	-2.61%
Max Drawdown (1Y) Largest decline over 1 year	-64.99%	-62.38%	-2.61%
Current Drawdown Current decline from peak	-7.38%	-1.28%	-6.10%
Average Drawdown Average peak-to-trough decline	-24.14%	-21.65%	-2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.81%	31.04%	+0.77%

Volatility

CRWL vs. PANG - Volatility Comparison

GraniteShares 2x Long CRWD Daily ETF (CRWL) and Leverage Shares 2X Long PANW Daily ETF (PANG) have volatilities of 31.53% and 32.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CRWL	PANG	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.53%	32.54%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	80.06%	71.10%	+8.96%
Volatility (1Y) Calculated over the trailing 1-year period	95.17%	83.03%	+12.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.19%	83.59%	+13.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.19%	83.59%	+13.60%

CRWL vs. PANG - Expense Ratio Comparison

CRWL has a 1.50% expense ratio, which is higher than PANG's 0.75% expense ratio.

Dividends

CRWL vs. PANG - Dividend Comparison

CRWL has not paid dividends to shareholders, while PANG's dividend yield for the trailing twelve months is around 3.76%.

Position	TTM	2025
CRWL GraniteShares 2x Long CRWD Daily ETF	0.00%	0.00%
PANG Leverage Shares 2X Long PANW Daily ETF	3.76%	11.71%

Frequently Asked Questions

Can I hold both CRWL and PANG in my portfolio?

CRWL and PANG have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CRWL or PANG?

PANG has higher volatility (32.54%) compared to CRWL (31.53%). In terms of maximum drawdown, CRWL dropped -64.99% vs PANG's -62.38%.

Which ETF is better, CRWL or PANG?

On 1-year performance, PANG leads with 149.41% vs 96.94% for CRWL. On fees, PANG is cheaper at 0.75% per year. On volatility, CRWL has been the lower-risk option at 31.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CRWL or PANG?

Over the 1-year period, PANG has performed better with a 149.41% return vs 96.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CRWL or PANG?

PANG is cheaper with a 0.75% expense ratio, compared with 1.50% for CRWL.

Which ETF pays a higher dividend yield, CRWL or PANG?

PANG has the higher dividend yield at 3.76%, compared with 0.00% for CRWL.

What is the main difference between CRWL and PANG?

They also come from different issuers: GraniteShares and Leverage Shares. Their fees differ too: 1.50% for CRWL and 0.75% for PANG.

Which has better risk-adjusted returns?

PANG currently has the higher Sharpe Ratio (1.81 vs 1.02), 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.