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They're both the same. Same insulating properties, same manufacturing processes
Do Perlite and Vermiculite actually have the same insulating properties?
Forgive the question, I'm just a natural-born-fool from Gippsland, but the data I have indicates that Perlite has a thermal conductivity almost half that of Vermiculite (0.031W/m.K for Perlite, 0.058W/m.K for Vermiculite).
I suspect there are a lot of variables involved with Perlite/Vermiculite/Portland insulation value. Grain size, ratio of Portland, how long it's mixed, etc.
For our purposes (insulating under an oven floor), 4" of either material will give you satisfactory results. Is one better than another in a laboratory? Probably. Are you going to notice a difference in your oven. I seriously doubt it.
It's like comparing flat panel TV's at Walmart. One might look a little better in the store, but either will look great in your living room.
Last time I checked thermal conductivity it said perlite was just a slightly better insulator than vermiculite, not double. I prefer to use vermiculite because it seems to mix up better and hasn't got that irritating dust that perlite seems to have. The perlite I use tends to abrade more than the vermiculite on mixing and you end up losing a bit of volume. You are not meant to mix either of them for too long, i think for this reason. Vermiculite also seems to coat with the cement a bit better, the grains of perlite are rounder and smoother and it doesn't seem to stick as well. Sorry for the extended answer. If I were making a choice between the two I'd take vermiculite.