We know that there is a rough correlation between vaccine efficacy and amount of neutralizing antibodies produced (
Khoury DS et al, Nat Med). Higher the neutralizing antibodies, better the protection against having symptoms following a COVID-19 infection. This neatly accounts for the differences in protection against symptomatic COVID-19 observed in the phase III clinical trials of CoronaVac and Comirnaty BNT162b2 (
Palacios R et al, SSRN;
Polack FP et al, NEJM). However, antibodies are not everything. Apart from antibodies, we also have T-cells that are particularly effective in protecting us against severe COVID-19. T-cell responses are induced by both these vaccines (Mok C et al, SSRN). This is why the protection against more severe forms of COVID-19 for both vaccines are roughly equivalent in Chile & Uruguay where these two vaccines are available at the same time.