PANG vs. CRWL

Last updated Jul 16, 2026

PANG (Leverage Shares 2X Long PANW Daily ETF) and CRWL (GraniteShares 2x Long CRWD Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, PANG returned 153.78% vs 103.17% for CRWL. A 0.77 correlation means they provide meaningful diversification when combined. PANG charges 0.75%/yr vs 1.50%/yr for CRWL.

Performance

PANG vs. CRWL - Performance Comparison

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

Returns By Period

In the year-to-date period, PANG achieves a 204.89% return, which is significantly higher than CRWL's 137.75% return.

PANG

• 1D: 0.73%
• 1M: 49.92%
• 6M: 187.85%
• YTD: 204.89%
• 1Y: 153.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CRWL

• 1D: -3.35%
• 1M: 36.54%
• 6M: 149.63%
• YTD: 137.75%
• 1Y: 103.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PANG vs. CRWL - Yearly Performance Comparison

	2026 (YTD)	2025
PANG Leverage Shares 2X Long PANW Daily ETF	204.89%	-14.75%
CRWL GraniteShares 2x Long CRWD Daily ETF	137.75%	23.23%

Correlation

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

Return for Risk

PANG vs. CRWL — Risk / Return Rank

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

PANG

PANG Risk / Return Rank: 58
PANG Sharpe Ratio Rank: 72
PANG Sortino Ratio Rank: 61
PANG Omega Ratio Rank: 60
PANG Calmar Ratio Rank: 61
PANG Martin Ratio Rank: 39

CRWL

CRWL Risk / Return Rank: 38
CRWL Sharpe Ratio Rank: 36
CRWL Sortino Ratio Rank: 44
CRWL Omega Ratio Rank: 43
CRWL Calmar Ratio Rank: 37
CRWL Martin Ratio Rank: 28

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.

PANG vs. CRWL - Risk-Adjusted Trends Comparison

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

	PANG	CRWL	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.09	+0.77
Sortino ratio: Return per unit of downside risk	2.33	1.88	+0.45
Omega ratio: Gain probability vs. loss probability	1.30	1.24	+0.06
Calmar ratio: Return relative to maximum drawdown	2.48	1.60	+0.88
Martin ratio: Return relative to average drawdown	4.98	3.26	+1.72

PANG vs. CRWL - Sharpe Ratio Comparison

The current PANG Sharpe Ratio is 1.86, which is higher than the CRWL Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of PANG and CRWL, 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

PANG vs. CRWL - Drawdown Comparison

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

Drawdown Indicators

	PANG	CRWL	Difference
Max Drawdown Largest peak-to-trough decline	-62.38%	-64.99%	+2.61%
Max Drawdown (1Y) Largest decline over 1 year	-62.38%	-64.99%	+2.61%
Current Drawdown Current decline from peak	-3.46%	-3.35%	-0.11%
Average Drawdown Average peak-to-trough decline	-21.77%	-24.22%	+2.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.04%	31.80%	-0.76%

Volatility

PANG vs. CRWL - Volatility Comparison

Leverage Shares 2X Long PANW Daily ETF (PANG) and GraniteShares 2x Long CRWD Daily ETF (CRWL) have volatilities of 32.90% and 31.57%, 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

	PANG	CRWL	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.90%	31.57%	+1.33%
Volatility (6M) Calculated over the trailing 6-month period	71.08%	80.03%	-8.95%
Volatility (1Y) Calculated over the trailing 1-year period	83.00%	95.11%	-12.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.82%	97.37%	-13.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.82%	97.37%	-13.55%

PANG vs. CRWL - Expense Ratio Comparison

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

Dividends

PANG vs. CRWL - Dividend Comparison

PANG's dividend yield for the trailing twelve months is around 3.84%, while CRWL has not paid dividends to shareholders.

Position	TTM	2025
CRWL GraniteShares 2x Long CRWD Daily ETF	0.00%	0.00%
PANG Leverage Shares 2X Long PANW Daily ETF	3.84%	11.71%

Frequently Asked Questions

Can I hold both PANG and CRWL in my portfolio?

PANG and CRWL 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, PANG or CRWL?

PANG has higher volatility (32.90%) compared to CRWL (31.57%). In terms of maximum drawdown, PANG dropped -62.38% vs CRWL's -64.99%.

Which ETF is better, PANG or CRWL?

On 1-year performance, PANG leads with 153.78% vs 103.17% for CRWL. On fees, PANG is cheaper at 0.75% per year. On volatility, CRWL has been the lower-risk option at 31.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PANG or CRWL?

Over the 1-year period, PANG has performed better with a 153.78% return vs 103.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PANG or CRWL?

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

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

PANG has the higher dividend yield at 3.84%, compared with 0.00% for CRWL.

What is the main difference between PANG and CRWL?

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

Which has better risk-adjusted returns?

PANG currently has the higher Sharpe Ratio (1.86 vs 1.09), 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.