I believe they are the same now. I wonder if they always were? When the Z-Max was first introduced, Hornady claimed the jacket was the new AMP technology, the same as used in their A-Max line. The V-Max's made no such claim, and I wonder if maybe they were originally different in terms of the jackets? Eventually, Hornady probably decided that the AMP jackets were equally "good enough" for the V-Max, too and started making them the same other than the different color tips. Notice they didn't reduce the price of the V-Max, and the Z-Max is still priced less than the V-Max. I guess that cost savings may be in the bulk packaging of the Z-Max, but it makes me wonder.