This whitepaper by Kyle DelPiano, market development manager, Southest territory for Xylem, Inc., collects data from ASHRAE and a 2014 report from the Hydronics Industry Alliance to compare hydronics and VRF systems head-to-head.
Factors taken into account include upfront costs, maintenance costs, return on investment as well as the effect of climate and overall building design.
The final analysis finds hydronic systems outperforming VRF systems in most cases. From the conclusion:
Though hydronic systems as a room comfort technology have been in use in some form for centuries, it is also the HVAC technology of the future because it enables engineers, architects and building owners to adapt to changing
demands.