The difference between the HST and Federal Premium Punch is specifically the bullet. The HST is their premier self-defense offering.
The difference is actually the projectile itself not the whole load. The main difference between the HST and The Punch is Punch has a softer lead and slightly different cuts in the jacket. Those cuts are very slightly different and you really can't tell. However the lead being softer doesn't expand quite as much making the Punch penetrate slightly deeper. The Punch is geared for civilian use as the HST is geared for law enforcement. Same primers, same casings, same powder, same jacket. Just different softer lead. They are loaded a little higher in pressure though it seems. Maybe in between regular and +p.
Very little difference. The HST uses a harder projectile that can penetrate heavy barriers a little better, something law enforcement agencies sometimes specify. In normal civilian use, the difference probably is of no significance. The Punch is substantially less expensive and performs well in gelatin tests. In my opinion, at less than a dollar a shot it's one of the greatest bargains in defense ammunition you're going to find.
HST and Punch feature different lead cores, jacket skiving, and hollow point geometry. The HST also has skiving on both the jacket and core, which is one of it's patented features.