PANG vs. LABU

Last updated Jul 4, 2026

PANG (Leverage Shares 2X Long PANW Daily ETF) and LABU (Direxion Daily S&P Biotech Bull 3x Shares) are both Leveraged Equities funds. PANG is actively managed, while LABU is passively managed. Over the past year, PANG returned 124.18% vs 396.23% for LABU. At a 0.20 correlation, their price movements are largely independent. PANG charges 0.75%/yr vs 1.12%/yr for LABU.

Performance

PANG vs. LABU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long PANW Daily ETF (PANG) and Direxion Daily S&P Biotech Bull 3x Shares (LABU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PANG achieves a 199.67% return, which is significantly higher than LABU's 90.38% return.

PANG

• 1D: -2.36%
• 1M: 50.17%
• 6M: 217.60%
• YTD: 199.67%
• 1Y: 124.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

LABU

• 1D: 7.54%
• 1M: 83.41%
• 6M: 92.67%
• YTD: 90.38%
• 1Y: 396.23%
• 3Y*: 38.16%
• 5Y*: -27.14%
• 10Y*: -6.64%

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

PANG vs. LABU - Yearly Performance Comparison

	2026 (YTD)	2025
PANG Leverage Shares 2X Long PANW Daily ETF	199.67%	-14.75%
LABU Direxion Daily S&P Biotech Bull 3x Shares	90.38%	114.28%

Correlation

The correlation between PANG and LABU is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (All Time) Calculated using the full available price history since Mar 21, 2025	0.20

Return for Risk

PANG vs. LABU — Risk / Return Rank

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

PANG

PANG Risk / Return Rank: 51
PANG Sharpe Ratio Rank: 61
PANG Sortino Ratio Rank: 54
PANG Omega Ratio Rank: 56
PANG Calmar Ratio Rank: 52
PANG Martin Ratio Rank: 34

LABU

LABU Risk / Return Rank: 96
LABU Sharpe Ratio Rank: 98
LABU Sortino Ratio Rank: 94
LABU Omega Ratio Rank: 91
LABU Calmar Ratio Rank: 98
LABU Martin Ratio Rank: 97

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. LABU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long PANW Daily ETF (PANG) and Direxion Daily S&P Biotech Bull 3x Shares (LABU). 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	LABU	Difference
Sharpe ratio: Return per unit of total volatility	1.68	5.12	-3.45
Sortino ratio: Return per unit of downside risk	2.18	4.03	-1.85
Omega ratio: Gain probability vs. loss probability	1.29	1.48	-0.20
Calmar ratio: Return relative to maximum drawdown	2.17	13.24	-11.07
Martin ratio: Return relative to average drawdown	4.31	37.19	-32.87

PANG vs. LABU - Sharpe Ratio Comparison

The current PANG Sharpe Ratio is 1.68, which is lower than the LABU Sharpe Ratio of 5.12. The chart below compares the historical Sharpe Ratios of PANG and LABU, 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. LABU - Drawdown Comparison

The maximum PANG drawdown since its inception was -62.38%, smaller than the maximum LABU drawdown of -99.18%. Use the drawdown chart below to compare losses from any high point for PANG and LABU.

Drawdown Indicators

	PANG	LABU	Difference
Max Drawdown Largest peak-to-trough decline	-62.38%	-99.18%	+36.80%
Max Drawdown (1Y) Largest decline over 1 year	-62.38%	-30.70%	-31.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-78.30%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-97.48%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-98.96%	—
Current Drawdown Current decline from peak	-2.36%	-93.29%	+90.93%
Average Drawdown Average peak-to-trough decline	-22.04%	-81.75%	+59.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.25%	10.91%	+20.34%

Volatility

PANG vs. LABU - Volatility Comparison

Leverage Shares 2X Long PANW Daily ETF (PANG) has a higher volatility of 29.47% compared to Direxion Daily S&P Biotech Bull 3x Shares (LABU) at 24.66%. This indicates that PANG's price experiences larger fluctuations and is considered to be riskier than LABU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PANG	LABU	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.47%	24.66%	+4.81%
Volatility (6M) Calculated over the trailing 6-month period	67.67%	63.03%	+4.64%
Volatility (1Y) Calculated over the trailing 1-year period	80.62%	79.53%	+1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.95%	96.00%	-14.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.95%	95.20%	-13.25%

PANG vs. LABU - Expense Ratio Comparison

PANG has a 0.75% expense ratio, which is lower than LABU's 1.12% expense ratio.

Dividends

PANG vs. LABU - Dividend Comparison

PANG's dividend yield for the trailing twelve months is around 3.91%, more than LABU's 0.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
LABU Direxion Daily S&P Biotech Bull 3x Shares	0.33%	0.84%	0.35%	0.35%	0.00%	0.00%	0.00%	0.28%	0.64%	0.17%
PANG Leverage Shares 2X Long PANW Daily ETF	3.91%	11.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PANG and LABU in my portfolio?

PANG and LABU have a correlation of 0.14, 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 LABU?

PANG has higher volatility (29.47%) compared to LABU (24.66%). In terms of maximum drawdown, PANG dropped -62.38% vs LABU's -99.18%.

Which ETF is better, PANG or LABU?

On 1-year performance, LABU leads with 396.23% vs 124.18% for PANG. On fees, PANG is cheaper at 0.75% per year. On volatility, LABU has been the lower-risk option at 24.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PANG or LABU?

Over the 1-year period, LABU has performed better with a 396.23% return vs 124.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PANG or LABU?

PANG is cheaper with a 0.75% expense ratio, compared with 1.12% for LABU.

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

PANG has the higher dividend yield at 3.91%, compared with 0.33% for LABU.

What is the main difference between PANG and LABU?

They also come from different issuers: Leverage Shares and Direxion. Their fees differ too: 0.75% for PANG and 1.12% for LABU.

Which has better risk-adjusted returns?

LABU currently has the higher Sharpe Ratio (5.12 vs 1.68), 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.