One of the biggest differences between sweet feed vs. pellets vs. ration balancers is starch and sugar content. All three of these feeds provide: 1) nutrients, 2) calories, 3) protein in varying amounts, 4) starch and sugar. All of them have one thing in common though -- they must be fed by the manufacturer's recommendations to deliver the guaranteed analysis for protein and nutrients.
Sweet feeds, by their nature, will contain high amounts of grain and certainly molasses, too. These are providing a good amount of calories, starch and sugar (NSC). This is great for hard-keeping, hard-working horses. Many show barns use them successfully because their horses are in hard training. Most pasture pets being fed sweet feed are given a handful or less than a cup or two per day. WHen fed in these small amounts, most sweet feeds will supply calories, yes, but in all likelihood is shorting them on nutrition. To be sure, you would have to read the bag instructions for the manufacturer's recommended feeding amounts, but most sweet feeds require feeding more than a cup or so per day to provide the guaranteed analysis even to a 200 lb mini. BUT, even in small amounts, there are still plenty of calories, carbs, sugar and starch in sweet feeds to plump up most minis who are also receiving pasture and/or hay on a daily basis.
Pellets are generally (but not always) more "nutrient dense" so can be fed in smaller amounts and STILL provide the guaranteed analysis for all nutrients. Pellets may or may not contain grains -- you'll have to read the ingredient list to find out. Pellets that do not contain grain, but are alfalfa-based (or some other base) will generally have less calories, less carbs, less starch and sugar when fed in the same volume (a cup or so) as sweet feed. Most, but not all, pellets are bound with molasses, but generally there is less molasses in a pelleted feed than sweet feed (though this may not be true of an extruded feed like Strategy).
Ration Balancers, like Born to Win, Buckeye's Grow N Win, etc. are also pellets, but they are grain-restricted or grain free. They are basically protein / vitamins / minerals wrapped up in a neat little pellet. Of the three types of feed mentioned, ration balancers are likely to be the lowest in calories and NSC (starch and sugar) because they contain no grains, and the HIGHEST in vitamins/minerals/protein per ounce. Therefore you feed LESS of the product (some require as little as 2 oz per feeding to supply the guaranteed analysis to a mini) to get the same amount of nutrition as feeding a cup or more of sweet feed or standard pelleted feeds. Since you feed less of the product, you are supplying LESS calories/starch/sugar/carbohydrates (which might indeed go straight to their necks) and MORE of the good stuff: protein/vitamins/minerals. Ration balancers are designed to be fed with (or without) whole grains like oats or barley (oats are the preferred grain to add). Grains could be added for weight maintenance if needed, and/or energy needs as the carbohydrates in grain are a good source of energy. Some horses, even hard working show horses, will do fine on just the ration balancer alone, though beet pulp (which will also provide energy) or hay cubes or chopped hay can be added just to give the meal a little more volume, making for a happier horse at mealtime.
Remember, too, that different classes of horses may require different types of feed -- that's why they make so many varieties. Babies and broodmares are generally fed differently than pasture pets or hard working show horses or even senior horses. Sweet feeds are very popular, and many horses will do just fine on it, but then again some people can eat fast food meals without getting fat (NOT ME!!!!). Those horses needing to watch their calories via a Weight Watcher-type diet, however, may do much better on a low carb pellet or a ration balancer vs. sweet feeds.
Robin C