In essence, they are the same: visual representations of Buddhist concepts and Deities. The fundamental difference is in the style that the painting is painted in. The Pauba is distinctively different, the artist is given more room to express himself, while the Deity is always painted with directives (proportions, ornaments, throne, etc..).

There exist Newari Paubas, painted in older styles, that may resemble traditional Tibetan Thangka styles.