Not a particularly fair comparison, if you took out the still student and just qualified physio's who have spent 3-4 years being taught anatomy, physiology and a very broad base of nearly all medical disciplines there knowledge of specific points relating to musculoskeletal problems will not be as good as someone who has spent years covering this as a specific area.
However, take physio's at whatever level who specialise in musculoskeletal and they will have developed themselves in that area, have in depth knowledge for diagnosis and hands on and exercise therapy.
The plus side to physio is that when you have people coming off the street to see you(private practice), they can have many and multiple at times medical issues. They can also arrive with any form of unusuall problems masquerading as a musculoskeletal issue, this is where i feel the more general medical teaching helps - to spot these and to incorporate adaptations to a treatment program for a variety of medical conditions.