Work through it in this order and the decision usually makes itself.
1. Start with what your employer requires, not what you prefer. OSHA 29 CFR 1910.136 puts the duty on the employer to assess the hazard and require protective footwear where one exists. If your site specifies an external metatarsal guard, or a fully non-metallic boot for a detector, that decision is already made — skip to the boot that complies.
2. Then pick the cap by temperature and detector. If you work outdoors in the cold, a metal cap — steel or alloy — will pull heat out of your toes and there is no sock that fixes it properly. Choose composite or carbon fiber. If you pass through a metal detector, the capand the shank both need to be non-metallic, which is a shorter list than people expect.
3. Only then weigh the cap against repeat impact. Steel handles repeated heavy strikes better than a non-metallic cap, which is designed to absorb one serious hit and then be retired. In demolition, scrap or heavy materials handling, that difference is real. In most trades, it never comes up.
4. Add the optional codes you actually need. EH for electrical work, Mt for instep-impact hazards, PR for puncture, SD for static-sensitive environments. Each one adds weight, cost or stiffness, so adding a code “just in case” is not free.
If you are still stuck between two caps, the steel versus composite comparison lays out the six differences side by side, and composite versus alloy covers the two non-steel options against each other.