You can compare the cost by taking the price from the web site and then look at the labels to get the treatment area from the charts. This will give you a lbs or oz. per area and the price can be calculated.
My GUESS is that liquid which is applied by spray would work better as it will be in closer proximity to the floating DW/WM roots. Sonar is a systemic herbicide. The pellets sink and dissolve and then the ingredients mix and float up. Pellets would work better on plants rooted to the bottom and where a limited area is to be treated. Always read and check the label.
From the web site
https://www.pondpak.com/ItemGroups.aspx?CategoryID=18 Sonar*AS, a liquid herbicide, provides selective control of undesirable aquatic weeds for a year or longer. Sonar AS is your best choice for controlling DUCKWEED, WATERMEAL and many other undesirable plants in ponds with soft or muck bottoms.