They are similar but the 1073.050 has a higher head pressure so the flow drops more slowly at higher head. Basically at your typical 4ft a 1073.040 might be around 400 gallons and a 1073.050 would be closer to 500 gph. Besides that it is just the controllability, different motor coils and a transformer for the 1073.050, but all other parts are the same.