  We compare the statistical properties of galaxies found in two different
models of hierarchical galaxy formation: the semi-analytic model of Cole et al.
and the smoothed particle hydrodynamics (SPH) simulations of Pearce et al.
Using a `stripped-down' version of the semi-analytic model which mimics the
resolution of the SPH simulations and excludes physical processes not included
in them, we find that the two models produce an ensemble of galaxies with
remarkably similar properties, although there are some differences in the gas
cooling rates and in the number of galaxies that populate halos of different
mass. The full semi-analytic model, which has effectively no resolution limit
and includes a treatment of star formation and supernovae feedback, produces
somewhat different (but readily understandable) results. Agreement is
particularly good for the present-day global fractions of hot gas, cold dense
(i.e. galactic) gas and uncollapsed gas, for which the SPH and stripped-down
semi-analytic calculations differ by at most 25%. In the most massive halos,
the stripped-down semi-analytic model predicts, on the whole, up to 50% less
gas in galaxies than is seen in the SPH simulations. The two techniques
apportion this cold gas somewhat differently amongst galaxies in a given halo.
This difference can be tracked down to the greater cooling rate in massive
halos in the SPH simulation compared to the semi-analytic model. (abridged)
