PANG vs. VALG

Last updated Jul 4, 2026

PANG (Leverage Shares 2X Long PANW Daily ETF) and VALG (Leverage Shares 2X Long VALE Daily ETF) are both Leveraged Equities funds from Leverage Shares. PANG is actively managed, while VALG is passively managed. At a 0.01 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.

Performance

PANG vs. VALG - 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 VALE Daily ETF (VALG). 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 VALG's 15.87% return.

PANG

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

VALG

• 1D: 0.78%
• 1M: -14.76%
• 6M: 12.23%
• YTD: 15.87%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PANG vs. VALG - Yearly Performance Comparison

	2026 (YTD)	2025
PANG Leverage Shares 2X Long PANW Daily ETF	199.67%	0.37%
VALG Leverage Shares 2X Long VALE Daily ETF	15.87%	1.57%

Correlation

The correlation between PANG and VALG is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025	0.01

Return for Risk

PANG vs. VALG — 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

VALG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. VALG - 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 VALE Daily ETF (VALG). 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	VALG	Difference
Sharpe ratio: Return per unit of total volatility	1.68	—	—
Sortino ratio: Return per unit of downside risk	2.18	—	—
Omega ratio: Gain probability vs. loss probability	1.29	—	—
Calmar ratio: Return relative to maximum drawdown	2.17	—	—
Martin ratio: Return relative to average drawdown	4.31	—	—

Drawdowns

PANG vs. VALG - Drawdown Comparison

The maximum PANG drawdown since its inception was -62.38%, which is greater than VALG's maximum drawdown of -36.93%. Use the drawdown chart below to compare losses from any high point for PANG and VALG.

Drawdown Indicators

	PANG	VALG	Difference
Max Drawdown Largest peak-to-trough decline	-62.38%	-36.93%	-25.45%
Max Drawdown (1Y) Largest decline over 1 year	-62.38%	—	—
Current Drawdown Current decline from peak	-2.36%	-32.94%	+30.58%
Average Drawdown Average peak-to-trough decline	-22.04%	-14.31%	-7.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.25%	—	—

Volatility

Volatility by Period

	PANG	VALG	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.47%	—	—
Volatility (6M) Calculated over the trailing 6-month period	67.67%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	80.62%	73.37%	+7.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.95%	73.37%	+8.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.95%	73.37%	+8.58%

PANG vs. VALG - Expense Ratio Comparison

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

Dividends

PANG vs. VALG - Dividend Comparison

PANG's dividend yield for the trailing twelve months is around 3.91%, while VALG has not paid dividends to shareholders.

Position	TTM	2025
PANG Leverage Shares 2X Long PANW Daily ETF	3.91%	11.71%
VALG Leverage Shares 2X Long VALE Daily ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both PANG and VALG in my portfolio?

PANG and VALG have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PANG or VALG?

Both ETFs have the same 0.75% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PANG or VALG?

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

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

PANG has the higher dividend yield at 3.91%, compared with 0.00% for VALG.