I think it is a much more capable weapon. Chief advantage is that it is rifled, greatly improving accuracy and range. It can engage moving AFVs of the 1960s era out to about 350m, compared to a maximum of 70 m for the German panzershreck.
I'm not sure about its penetration capabilities, but would not be surprised if the differences are slight. Panzershreck was capable of penetrating about 160mm of steel at 69 m . I don't actually know the penetration capabilities of the Karl G. , but should be more than 100mm at the quoted 350m range