XLR can ground the hot tip when plugging in, while TRS won't. Else both same three conductor balanced cords, afaik. Edit IMO, XLR are sturdier. Polar pretty much nailed it. I prefer XLR for exactly ...
Balanced Audio Lead With Neutrik Connectors (Black, Various Lengths) Xlr To Trs Cable ...
Promotion 3 Pin XLR Female To 1/4 Inch TRS Male Audio Adapter 4-Pack XLR Female To 1/4" TRS Male Adapters – Mic Cable Converters For Audio & Studio Use 3.5 To Xlr ...