PANG vs SPY
Leverage Shares 2X Long PANW Daily ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. PANG delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | PANG | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.76% | 0.09% | |
| AUM | $14M | $821.1B | |
| Dividend Yield | 4.44% | 1.01% | |
| Holdings | 5 | 505 | |
| YTD Return | +218.62% | +12.68% | |
| 1Y Return | +184.44% | +21.82% | |
| 3Y Return (annualized) | - | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 132.8% | 15.3% | |
| Max Drawdown | -62.4% | -56.5% | |
| Fund Family | Leverage Shares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Mar 21, 2025 | Jan 22, 1993 |
PANG vs SPY Performance
Leverage Shares 2X Long PANW Daily ETF (PANG) is a ETF from Leverage Shares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PANG returned +184.44% while SPY returned +21.82%. Year to date, PANG is up 218.62% versus a gain of 12.68% for SPY.
Risk: Volatility and Drawdowns
PANG has been the more volatile fund, with annualized monthly volatility of 132.8% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -62.4% for PANG and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.29. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PANG charges 0.76% per year while SPY charges 0.09%. On a $10,000 position that is $76 vs $9 annually, a gap of $67 per year that compounds over a long holding period. On income, PANG currently yields 4.44% against 1.01% for SPY.
Holdings Overlap
PANG and SPY share 0 holdings out of 505 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PANG or SPY?
PANG has an expense ratio of 0.76% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $67 per year of difference.
Which performed better, PANG or SPY?
Over the past year PANG returned +184.44% vs +21.82% for SPY, so PANG leads on 1-year performance. Over the longest common window we track (1 years), PANG annualized +91.99% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, PANG or SPY?
PANG has been the more volatile fund at 132.8% annualized versus 15.3% for SPY. Worst drawdown: PANG -62.4% vs SPY -56.5%.
Should I hold both PANG and SPY?
PANG and SPY have a monthly-return correlation of 0.29, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PANG and SPY?
PANG and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, PANG or SPY?
PANG yields 4.44% while SPY yields 1.01%, so PANG currently pays the higher dividend yield.
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