I actually sat down and a/b'd my two today.
They're strung the same, have same or similar hardware, and each has a USA pickup, one a Fender, one a Seymour Duncan.
The bodies are different, the MIM being alder, the Squier agathis.
I could not hear any significant difference in tone or volume.
The Squier wins, because it's over 2 pounds lighter. But no different sound-wise.