There is a very big difference in mechanism between both
Nolvadex is an Anti-Estrogen which works by blocking Estrogen receptors at the Breast tissue
Arimidex is an Anti-Aromatase which works by blocking the aromatase enzyme which converts Testosterone into Estrogen
Nolvadex do not decrease Estrogen concentration in blood therefor it won't decrease or prevent Estrogenic side effects as bloating, water retention, blood pressure ..... while Arimidex decrease Estrogen concentration in blood which will prevent Estrogenic side effects as I mentioned them before
The difference between Nolvadex and Arimidex in controlling Gyneacomstia, Nolvadex works directly at the breast tissue and blocks the receptors which recieve Estrogen and causes the hypertrophy of the tissue
while Arimidex do not block Estrogen receptors but it works by letting a low Estrogen level in the blood which will be insufficient Estrogen to bind to any receptors not just at Breast tissue but over-all receptors