The aim of this paper is to compare a hyperelastic with a hypoelastic model describing the Eulerian dynamics of solids in the context of non-linear elastoplastic deformations. Specifically, we consider the well-known hypoelastic Wilkins model, which is compared against a hyperelastic model based on the work of Godunov and Romenski. First, we discuss some general conceptual differences of the two approaches. Second, a detailed study of both models is proposed, where differences are made evident at the aid of deriving a hypoelastic-type model corresponding to the hyperelastic model and a particular equation of state used in this paper. Third, using the same high order ADER Finite Volume and Discontinuous Galerkin methods on fixed and moving unstructured meshes for both models, a wide range of numerical benchmark test problems has been solved. The numerical solutions obtained for the two different models are directly compared with each other. For small elastic deformations, the two models produce very similar solutions that are close to each other. However, if large elastic or elastoplastic deformations occur, the solutions present larger differences.