TL;DR
Concatenation is faster and more consistent regarding its speed.
But the difference is very little for 1 or 2 variables (below .3 seconds for 100 million calls).
Edit
After the second run it seems that concatenation is mostly the faster of the two.
So, I wanted to expand analog-nico's answer by providing a test that was more extensive and also looked (a bit) into scalability of the two functions.
Code on pastebin
I decided to use four test cases for each function, having a variable in the front, one at the end, one in the middle and two variables in the middle. The basic setup is the same. I'm just using 100,000,000 iterations of the function and these iterations are run 100 times.
I used the same mechanisms to prevent optimization, namely getting the sum of the lengths of the resulting strings and logging it. I also logged the time needed (for me to guess how long it'll take) but also saved it into an array.
Afterwards, I calculated the average, minimum, maximum, and standard deviation for each method.
Here are the results:
{
sum: {
t: {
start: 2072751,
mid: 2338476,
end: 2083695,
double: 2950287
},
c: {
start: 2086059,
mid: 2345551,
end: 2074732,
double: 2922929
}
},
avg: {
t: {
start: 20727.51,
mid: 23384.76,
end: 20836.95,
double: 29502.87
},
c: {
start: 20860.59,
mid: 23455.51,
end: 20747.32,
double: 29229.29
}
},
sd: {
t: {
start: 335.6251329981114,
mid: 282.9490809315344,
end: 286.2220947096852,
double: 216.40844045461824
},
c: {
start: 255.4803356424913,
mid: 221.48744862858484,
end: 238.98242111084238,
double: 209.9309074433776
}
},
min: {
t: {
start: 20490,
mid: 23216,
end: 20588,
double: 29271
},
c: {
start: 20660,
mid: 23258,
end: 20534,
double: 28985
}
},
max: {
t: {
start: 23279,
mid: 25616,
end: 22887,
double: 30843
},
c: {
start: 22603,
mid: 25062,
end: 22403,
double: 30536
}
}
}
values in t
-objects are for templates, values in c
-objects are for concatenation. start
means that the variable is at the beginning, mid that it is in the middle, end that it is at the end and double that there are two variables. sum
is the sum of all 100 runs. avg
is the average run, meaning it is sum / 100
. sd
Here is the easy way out, wikipedia (simple english). min
and max
are the minimum and maximum value of a run respectively.
Results
It seems like templates are faster for single variables that are not located at the end of a string, considering that the average is lower and the minimum is lower. If you put a variable at the end of a string or have multiple variables in your string, concatenation is faster.
Although the minimum as well as the average of templates is better than their concatenation counterparts regarding the first two conditions, the standard deviation is consistently worse. The difference seems to shrink with more variables (more tests needed).
Since most templates won't probably be used for only one variable in a string, it is save to say that sticking to concatenation yields a better performance.
But the difference is (at least for now) very marginally. At 100,000,000 (100 million) evaluations with two variables, the difference are merely 273,58 ms, about a quarter second...
Second Run
The second run looks somewhat different. Except for the maximum value, average absolute deviation, and standard deviation, every measurement proofed that concatenation is faster than templates.
The three mentioned measurements had lower (thus better) values for templates when the variable was at the end of the string or when there were two variables in the string.
Here are the results:
{
"sum": {
"t": {
"start": 1785103,
"mid": 1826679,
"end": 1719594,
"double": 2110823,
"many": 4153368
},
"c": {
"start": 1720260,
"mid": 1799579,
"end": 1716883,
"double": 2097473,
"many": 3836265
}
},
"avg": {
"t": {
"start": 17851.03,
"mid": 18266.79,
"end": 17195.94,
"double": 21108.23,
"many": 41533.68
},
"c": {
"start": 17202.6,
"mid": 17995.79,
"end": 17168.83,
"double": 20974.73,
"many": 38362.65
}
},
"sd": {
"t": {
"start": 858.7857061572462,
"mid": 886.0941856823124,
"end": 786.5366719994689,
"double": 905.5376950188214,
"many": 1744.9005638144542
},
"c": {
"start": 599.0468429096342,
"mid": 719.1084521127534,
"end": 935.9367719563112,
"double": 991.5642274204934,
"many": 1465.1116774840066
}
},
"aad": {
"t": {
"start": 579.1207999999996,
"mid": 576.5628000000003,
"end": 526.8268,
"double": 586.9651999999998,
"many": 1135.9432000000002
},
"c": {
"start": 467.96399999999966,
"mid": 443.09220000000016,
"end": 551.1318000000008,
"double": 610.2321999999999,
"many": 1020.1310000000003
}
},
"min": {
"t": {
"start": 16932,
"mid": 17238,
"end": 16387,
"double": 20016,
"many": 39327
},
"c": {
"start": 16477,
"mid": 17137,
"end": 16226,
"double": 19863,
"many": 36424
}
},
"max": {
"t": {
"start": 23310,
"mid": 24102,
"end": 21258,
"double": 26883,
"many": 49103
},
"c": {
"start": 19328,
"mid": 23203,
"end": 22859,
"double": 26875,
"many": 44352
}
},
"median": {
"t": {
"start": 17571,
"mid": 18062,
"end": 16974,
"double": 20874,
"many": 41171.5
},
"c": {
"start": 16893.5,
"mid": 18213,
"end": 17016.5,
"double": 20771,
"many": 38849
}
}
}
The code is here