They do differ a small amount. This is because you are getting information from two of the frequencies not just one.
The theory behind correlate is that iron will respond with different phase angles for the different frequencies whereas coins and such will give the correct response across the frequency ranges. So, it is one way to discriminate out iron. The drawback is that potentially you lose depth because the ground affects how the targets come in so they will appear to have the phase difference like iron might and get discriminated out. But, EMI noise would theoretically have an unpredictable response across the frequencies and might be one way to remove EMI too. So, for those that don't want to hunt the deep targets might get an advantage for skipping over the iron targets using correlate. But for those that want deeper, I don't think correlate would be as good an option.