PANG vs. TSLG

Last updated Jul 4, 2026

PANG (Leverage Shares 2X Long PANW Daily ETF) and TSLG (Leverage Shares 2X Long TSLA Daily ETF) are both Leveraged Equities funds from Leverage Shares. Both are actively managed. Over the past year, PANG returned 124.18% vs 12.92% for TSLG. At a 0.25 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.

Performance

PANG vs. TSLG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long PANW Daily ETF (PANG) and Leverage Shares 2X Long TSLA Daily ETF (TSLG). 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 TSLG's -34.55% return.

PANG

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

TSLG

• 1D: -15.28%
• 1M: -17.34%
• 6M: -30.92%
• YTD: -34.55%
• 1Y: 12.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PANG vs. TSLG - Yearly Performance Comparison

	2026 (YTD)	2025
PANG Leverage Shares 2X Long PANW Daily ETF	199.67%	-14.75%
TSLG Leverage Shares 2X Long TSLA Daily ETF	-34.55%	146.97%

Correlation

The correlation between PANG and TSLG is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (All Time) Calculated using the full available price history since Mar 21, 2025	0.25

Return for Risk

PANG vs. TSLG — 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

TSLG

TSLG Risk / Return Rank: 13
TSLG Sharpe Ratio Rank: 11
TSLG Sortino Ratio Rank: 17
TSLG Omega Ratio Rank: 16
TSLG Calmar Ratio Rank: 11
TSLG Martin Ratio Rank: 11

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. TSLG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long PANW Daily ETF (PANG) and Leverage Shares 2X Long TSLA Daily ETF (TSLG). 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	TSLG	Difference
Sharpe ratio: Return per unit of total volatility	1.68	0.14	+1.53
Sortino ratio: Return per unit of downside risk	2.18	0.84	+1.35
Omega ratio: Gain probability vs. loss probability	1.29	1.10	+0.19
Calmar ratio: Return relative to maximum drawdown	2.17	0.23	+1.93
Martin ratio: Return relative to average drawdown	4.31	0.45	+3.86

PANG vs. TSLG - Sharpe Ratio Comparison

The current PANG Sharpe Ratio is 1.68, which is higher than the TSLG Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of PANG and TSLG, 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. TSLG - Drawdown Comparison

The maximum PANG drawdown since its inception was -62.38%, smaller than the maximum TSLG drawdown of -82.86%. Use the drawdown chart below to compare losses from any high point for PANG and TSLG.

Drawdown Indicators

	PANG	TSLG	Difference
Max Drawdown Largest peak-to-trough decline	-62.38%	-82.86%	+20.48%
Max Drawdown (1Y) Largest decline over 1 year	-62.38%	-54.61%	-7.77%
Current Drawdown Current decline from peak	-2.36%	-66.94%	+64.58%
Average Drawdown Average peak-to-trough decline	-22.04%	-58.90%	+36.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.25%	27.68%	+3.57%

Volatility

PANG vs. TSLG - Volatility Comparison

The current volatility for Leverage Shares 2X Long PANW Daily ETF (PANG) is 29.47%, while Leverage Shares 2X Long TSLA Daily ETF (TSLG) has a volatility of 35.77%. This indicates that PANG experiences smaller price fluctuations and is considered to be less risky than TSLG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PANG	TSLG	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.47%	35.77%	-6.30%
Volatility (6M) Calculated over the trailing 6-month period	67.67%	61.17%	+6.50%
Volatility (1Y) Calculated over the trailing 1-year period	80.62%	89.63%	-9.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.95%	115.59%	-33.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.95%	115.59%	-33.64%

PANG vs. TSLG - Expense Ratio Comparison

Both PANG and TSLG have an expense ratio of 0.75%.

Dividends

PANG vs. TSLG - Dividend Comparison

PANG's dividend yield for the trailing twelve months is around 3.91%, less than TSLG's 10.00% yield.

Position	TTM	2025
PANG Leverage Shares 2X Long PANW Daily ETF	3.91%	11.71%
TSLG Leverage Shares 2X Long TSLA Daily ETF	10.00%	6.55%

Frequently Asked Questions

Can I hold both PANG and TSLG in my portfolio?

PANG and TSLG have a correlation of 0.20, 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 TSLG?

TSLG has higher volatility (35.77%) compared to PANG (29.47%). In terms of maximum drawdown, PANG dropped -62.38% vs TSLG's -82.86%.

Which ETF is better, PANG or TSLG?

On 1-year performance, PANG leads with 124.18% vs 12.92% for TSLG. Both ETFs have the same 0.75% expense ratio. On volatility, PANG has been the lower-risk option at 29.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PANG or TSLG?

Over the 1-year period, PANG has performed better with a 124.18% return vs 12.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PANG or TSLG?

PANG and TSLG have the same expense ratio: 0.75% per year.

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

TSLG has the higher dividend yield at 10.00%, compared with 3.91% for PANG.

Which has better risk-adjusted returns?

PANG currently has the higher Sharpe Ratio (1.68 vs 0.14), 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.