Is. 5 mg Clonazepam equivalant to 1mg Xanax?

No. They are totally different drugs and one is short acting and the other long acting.
Drugs. Both drugs are bentos but different. Xanax is very short acting.and more useful for acute reactions. If taken 3-4 times daily, its impact is long gone before you take the next dose. Klonopin is long acting and will be still effective between doses. Both should be monitored carefully as they can be habituating. Don't mix with alcohol and they can cause balance issues.