I have owned both.
Obviously both HMG and ZPacks make really great gear.
My favorite is the Arc Zip which I spent three years co-designing with ZPacks, and is of course the regular Arc Blast that is a front panel loader.
You stated “capability to carry heavier loads” yet did not clarify what “heavier loads” is, so you are asking us to just take a shot in the air at really trying to answer your question.
From personal experience, the ZPacks Arc frame (blast/zip) is exceptional up until about the 16-pound / 7.2kg mark. You pretty much will not feel the backpack until you hit that weight range. From there up to the 24 pound mark you will start to feel the pack. Anything above that just hurts, due to the shoulder harness system that ZPacks uses is not all that comfy at heavier loads.
Also from personal experience, the HMG packs seemed a bit weighty at the sub 16 pound mark, something that always perplexed me. They start to really shine once you get above that weight level. For me, much above 28 or so pounds and I personally felt that the harness system just did not do a good enough job at shoulder strain reduction.
Both of these companies have one serious flaw in their pack design. They do not have true load distribution to hip belts. The ZPacks Arc Frame is one of the worst designs out there for load-to-hip weight distribution, as it does not even come close to properly attaching the harness system to the hip belt and thereby allowing weight to be distributed to the hip belt. The HMG with its two stays is not far behind.
I think, within the cottage industry pack designers, right now, the Six Moon Designs Fusion 50 / 65 are the best that is out there for taking on heavier weights and having good shoulder to hip distribution. Even better than anything from ULA in this regards. So if you are looking at dealing with loads in the 30+ pound / 13kg range, you might seriously consider adding the Fusion to your list of packs to consider.