Those would both be very sad.
Its the story as a whole though that I base it off of. The characters and what they go through, the little stories it tells along the way, the points it makes again along the journey, etc. All of that is among the many things that to me are what makes LOTR so great.
Tolkien's story is amazing, no argument there. And I can watch LOTR over and over. I have sat through the extended versions, consecutively, and without a break, several times. All 11 hours. I can't do that with Pan's Labyrinth. It is too much. Too intense, too poignant, and too real.
It isn't a matter of personal preference. It's a matter of recognizing potency in cinematic expression. PJ could have tightened up all three of those films, the last two in particular. After the Fellowship, things seemed to lose focus a bit, and I believe even he said that the Crack of Doom sequence was something he couldn't get right. And that's the climax! Pan's Labyrinth was fully cohesive from stem to stern. Never excessive or deficient.
And when I point out the imperfections, I am not knocking Lord of the Rings whatsoever. It is what brought my love of movies and toys back to the level it was at when I was a child, which is something that Star Wars, or X-Men, or anything else up to that time couldn't do. A truly monumental achievement.
I would never buy collectibles from Pan's Labyrinth. It is somethng beyond that. I don't know how else to say it. It was a transcendent experience. It wasn't fun or inspiring. It was sublime. And whereas you don't see a Lord of the Rings every day, you
never see a Pan's Labyrinth. That's what put it above for me. It's probably the best movie I've seen in the last ten years. Or more.