what is the difference between "oatey plumbers joint compound" and "plumber's putty"?

i have seen home depot selling this plumbers joint compound, i wonder if it is stronger than plumber's putty? so if the putty fails, can i use the joint compound instead? now i am thinking if a water hose is leaking, can i put on some joint compound, wait for it to dry and will that stop the water hose leakage? i disagree with tipster, putty does become hard over the time. they don't become solid of course.