This question has also been asked and answered here: Klonopin vs Xanax - How are they different?
Yes, the two drugs are similar. Both are considered high potency benzodiazepines.
They both may have the 5 standard effects of benzodiazepines; reducing anxiety, sedation, amnesia, muscle relaxation and seizure reduction.
In terms of the differences, clonazepam is about twice the potency of alprazolam (Xanax), by weight (but this doesn't always equate to its 'strength' in the various aspects of its effects). Alprazolam has a shorter onset of action and a shorter half life. Meaning it hits you harder and faster, but wears off quicker, which is generally why it's believed to be more addictive. However all benzodiazepines have an addiction risk. Clonazepam on the other hand has a slightly longer onset of action but a much longer half life. Meaning it takes slightly longer to take affect, but it's effects last longer.
Alprazolam is almost always used to treat acute anxiety and to prevent panic attacks. Whereas clonazepam is used to treat seizures in epilepsy, tics in Tourettes, chronic movement disorders like Restless Leg Syndrome and Tardive Dyskinesia. obsessive compulsive disorder and sometimes for acute and chronic anxiety.
I hope that helps.
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