It depends on the applications and use case i.e the location to which you are measuring and not just dry electrodes. The MAX86150 was designed for finger-based applications, and only supports two electrode configurations. There are no claims of medical grade accuracy or IEC/FDA compliant performance. It was made for BioID. On the other hand if your application is a wrist-based solution, with one electrode touching the wrist, the MAX30001 is better due to the added benefit/option of a 3rd electrode. Additionally, the MAX30001 is marketed as having Clinical/Medical grade accuracy, enabling medical type applications but also in difficult locations like the wrist + finger.
The only time MAX86150 is better than MAX30001 is if you want PPG and ECG in synchronization, and are using Finger-to-Finger ECG measurements. But there is still the medical grade accuracy questions. Overall, considering all possible applications, the MAX86150 can be considered as being appropriate for only a subset of applications compared to the superset that the MAX30001 can handle. That means, when in doubt, use the MAX30001.
