SWThomas...The short answer is that you need to work up a load for each before you will really know...

Longer answer...A few years back I did some testing with my Knight to find the best long range bullet in my gun...I shot about 6 different projectiles, got my best groups and shot them out to 150 yards...
Now, for some reason, my gun didn't like either the .451 250gr or 300gr Hornady XTP bullets...These are a good option as you can buy them in bulk and match them up with the MMP sabots, saving money...

I also tried the Dead Centers in 2 different weights, but my gun didn't like them either...So I ended up with the 295 PowerBelts, the 300gr Barnes MZ and the 250 T/C Shockwaves...

The PowerBelts and Barnes both preferred 100grs of Goex FFF or Pyrodex RS...The Shockwaves preferred 90grs of the same...I sighted them each in at 2 1/2 inches high at 100 yards and then checked them at 150 yards...The 250 Shockwaves hit 3 inches low, the Barnes about 8 inches low and the Powerbelts a foot low, with the group really opening up as well...Groups with the Shockwaves and Barnes were both about 3 inches at 150...

I had used the Barnes for a few years, so I decided to go with the Shockwaves for awhile...I've killed 7-8 with the Shockwaves and a buddy has killed another 6 with his...My longest kill was at a ranged 147 yards...

We have killed about 15 deer with the 295 PowerBelts and still have one guy that uses them...We also had problems with exits...I will say that bullets recovered have mushroomed very nicely...I just prefer an exit wound for better blood trails...

The thing we alll need to remember is that with a muzzleloader, we are handloading...We need to anticipate how far the shot will be and use a bullet that will preform within those velocities...Any of these bullets will fragment if pushed too fast (just like centerfires)...

I've also seen reports in the Shockwaves and Hornady SSTs (same bullet) both being too hard and fragmenting...So some say it's too hard and some too soft...It all goes back to velocity...You take a Shockwave and run it out to 2200-2300 (like out of a Savage with smokeless powder) and shoot a deer at say, 15 yards and it could fragment...

Frankly, if shots are within 100 yards, a Shockwave isn't needed...The 250 or 300 Barnes MZ or the Hornady .451 250 or 300 XTPsare excellent bullets for this situation...What the Shockwave gives you is a higher BC (more streamlined) bullet that will drop less once you pass that 100-125 yard mark...

There are a couple of other good hollow point bullets that the guys over in the Black Powder section talk about I just can't recall them right now, but a search will pull them up...I believe one is made by Nosler and one by Speer...