They are both used to reduce or eliminate the symptoms of anxiety. Klonopin is a long-acting benzodiazepine, which means that its effects last longer than Xanax. In addition, Klonopin is not as likely to cause withdrawal symptoms when you stop taking it. Klonopin may be prescribed when Xanax is not an appropriate treatment option because of your unique needs. Xanax and Klonopin are both effective in relieving the symptoms of panic disorders, but they are different medications with unique properties. If you’re experiencing severe symptoms, talk to your doctor about which medication would be best for you.