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My understanding is that they are the same...that being said, on the rare occasion I have found both sitting on a shelf for sale...I always reach for the Win231. Habit ? Superstition ? Who knows...
Fill a bathtub with water. Mix the water thoroughly. Have about eight jugs labeled Win Wet Liquid and eight jugs labeled Hodgdon Slim Liquid 15.
Fill up each jug from the bathtub. You now have eight jugs of WWL and eight jugs of HSL15. Tell me what the difference is?
I worked one summer in a pickle factory. For about half the day, we rant the "brand name" and, after lunch, we changed labels to whatever "generic name" we had orders for. The generic sold for less and if people were offered a sample of pickles from the name brand and the generic, it was amazing how often they preferred the name brand. Believe me, there was NO other change to the production line.
You know, after Hodgdon finally admitted this several years ago, I expected these questions to have disappeared; however, it is very clear proof that powders do vary lot-to-lot, as that is the ONLY variation these two powders have ever had.
Winchester is almost always more expensive, 'cause everyone knows Winchester makes better powder, while Hodgdon was always the surplus low-cost powder.