1. Issuer: Shares issued by a joint stock limited company when it raises its share capital. Non-joint-stock companies cannot issue stocks, and investment funds are issued by investment fund companies.
2. Liquidity: Most funds circulate in the stock market, and their prices fluctuate with the stock market, so the liquidity of funds is stronger than that of stocks.
3. Risk degree: the risk of stocks is greater than the risk of funds.