I made a little board to compared both wands and I wanted to shared:
|COBRA WAND||LION WAND|
|+2 ML||+2 ML|
|Critical hit chance +10% | Critical extra damage +35%||Life leech chance 100%, Life leech +18%|
|For levels 270+||For levels 220+|
|Imbuement slots: 2||Can be imbue with ML/Mana Leech / Critical.|
|Range: 4 fields||Range: 4 fields|
|Element: Energy||Element: Ice|
|Mana: 22||Mana: 21|
|Damage: 90-100||Damage: 85-115|
|Can be imbue with ML/Mana Leech / Life Leech||Can be imbue with ML/Mana Leech / Critical.|
Have more added time in the game. Therefore, there is more of this item in the market and the price is lower.
|Was added in the game some months ago. Therefore, the price is higher and isn't so many on market.|
Based on the reference the lion wand have better properties but In my experience, this will depend on the way you hunt.
I highly recommend you Lion Wand, if you usually hunt in "life" without risking to get a "HS". And for those hard moments you can switch with the energy ring and stay "safe", I believe is a good investiment because its really useful and will helps with your profit.
The cobra wand I also recommend you because it provide a good damage you got well ML boost if you imbue it, and also its good if you hunt with utamo if you imbue it with Mana Leech and the price is quite low compared to the lion wand.