Where it's made, the coatings applied, burn rate (close, but not the same), kernel dimensions (Hodgdon variants are often shorter than the IMR powders that they emulate).
I've often wondered why the 2 of them have the same numbers on them. Wouldn't you think it unwise for a company (since it seems that IMR,Hodgdon and Winchester powders are coming from the same company ) to have powders with the same numbers? Even though most of us know to treat every powder individually, there is always going to be some people that will use the same chargerate from one to the other. In an industry where safety is so important you would think that they would go out of their way to make sure you could not mistake one for the other. I just think it's dangerous.
Originally H4895 was surplus IMR4895 that Hodgdon bought and resold. Then IMR decided that it would sell directly to the public and so Hodgdon couldn't get it anymore. So they developed their own powder to compete in the same market segment (burn rate.) Then they added coatings to make it less temp sensitive. The two powders are interchangeable in that if one is appropriate for a particular cart then the other generally is too because that's the general burn rate and powder density Hodgdon was shooting for when developing a replacement for their now defunct IMR 4895 supply, but they are NOT the same powder and have independent loading data.
Later Hodgdon bought IMR so now it's all sold by the same company.
I was under the impression that Hodgdon bought Varget and H4895 from the Aussies as surplus ADI powders than labeled them as domestic products.
Both Varget and H4895 have a coating to make them less susceptible to temperature change.
IMR is made to the same specs as it was when manufactured by DuPont.