Open vz and xen OPen VZ- It is Software based virtualizsed technology.
Plan upgrades applied live without reboots ,
Easy setup of network/disk
No resource constraints
Supports only linux operating system
Xen VPs Hardware based virtualization
supports linux and windows
you cant oversell resources
Rescue Mode and Xen console for access
XEN is better, as it is full virtualisation, you can install any O/S on it VM.
OpenVZ is host base virtualizaion. You can only run on LInux.
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In terms of kernel:
OpenVZ uses a single patched Linux kernel and so it can run only Linux on it. The VPS on this virtualization is called containerand they all share the same architecture and kernel version.
Xen on the other hand does provide you a feature to have your own kernel inside the VM, making it better than OpenVZ virtualization.
Xen has its own advantages and OpenVZ has its own. VPS isolation is the main factor that keeps Xen on top compared to OpenVZ.