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Latex swim caps are much less expensive, yet break or rip more easily. Latex caps will stay in place a little bit better than silicone swim caps because they stretch more and will hold your skin or more effectively than silicone swim caps. Because of this, they may also be more uncomfortable for many swimmers.
Silicone swim caps are thicker and softer; they will not pull on your hair. They will create a bit more drag and slide back off of your forehead without frequent adjustment. This is not a problem when training, only in racing. The best caps for training are silicone swim caps; the best swim caps for racing are latex swim caps.