These are not equivalent products
Before any of this: the American Academy of Dermatology is clear that effective treatment for hair loss starts with finding the cause, and that getting an accurate diagnosis means seeing a board-certified dermatologist (AAD, hair loss diagnosis and treatment). Thyroid disease, low iron, hormonal change and medication all cause shedding, and no cosmetic product on this page addresses any of them.
It is worth being blunt about the framing before comparing anything. A cosmetic serum and minoxidil sit in different regulatory categories with very different evidence requirements behind them. Presenting them as two options on a shelf is how a lot of marketing in this space works, and it is misleading.
We do not sell minoxidil and we are not qualified to advise on it. What follows is what the AAD publishes about it, so you can take an informed question to a doctor rather than a vague one.
What minoxidil is
Topical minoxidil is FDA-approved for hair loss in men and women, and according to the AAD has been shown to reduce hair loss, stimulate hair growth and strengthen existing strands. The AAD notes that many people see some regrowth, that it usually takes around six to twelve months to see results, and that it is applied to the scalp once or twice a day (AAD, hair loss diagnosis and treatment).
What that means practically: stronger evidence than anything cosmetic, a longer timeline than the marketing for serums implies, a daily commitment that generally has to continue to maintain the result, and the possibility of side effects — the 2015 rosemary trial recorded scalp itching as more frequent in its minoxidil group (Panahi et al., SKINmed 2015).
The AAD is also clear that treatment should follow diagnosis, and that a board-certified dermatologist is who makes one. Minoxidil is appropriate for some causes of hair loss and irrelevant to others.
What a cosmetic serum is
A leave-on product making claims about the appearance of density, thickness or fullness. The wording is careful for a reason: cosmetics may make appearance claims but not treatment claims, and reputable brands stay on the right side of that line.
The Ordinary, for instance, describes its peptide serum as helping improve the appearance of hair thickness and fullness. Read literally, that is an honest and limited claim, and it is worth reading it literally rather than through the lens of what you hope it means.
Evidence behind these products is typically a consumer perception study — users reporting what they noticed — rather than a controlled trial. How to weigh that kind of evidence is its own page.
How to choose
Talk to a doctor if: your part is visibly widening, your hairline is receding, you are shedding noticeably more than usual, the thinning is patchy, or your scalp is sore or itchy where hair is thinning. All of those need a diagnosis before a product.
A cosmetic serum is a reasonable place to start if: your hair is fine rather than thinning, you want to try the lowest-commitment option first, you are avoiding drugs for your own reasons, or you have already seen a doctor and want something alongside what they recommended — ask them about that rather than deciding alone.
And either way: stop the breakage. It costs nothing, works for everybody, and for a large share of people is the whole of the visible problem. See why is my hair thinning for how to tell whether that is you.
We have not used these products ourselves. They are chosen from what is in the formula, what those ingredients are documented to do, and whether that matches the problem this page is about — and every product below links to the manufacturer's own page so you can check the formulation claims yourself. The full method is here.