Happy Frog is just a bit lighter in nutrients, it usually seems like it is chunkier or has more bark to me, it contains humic acid and it is inoculated with the mycorrhizae and some extra bacterium. The HF also has dolomite lime while the OF has only oyster shell flour as a liming agent. But, the OF still has forest humus which does itself contain microbes, but not necessarily active mycorrhiza.
Both are sphagnum based and also contain humus, earthworm castings and perlite. Ocean Forest has sandy loam and so is more like a true soil than Happy Frog. I like to mix it with coco coir or Sunshine Advanced Mix #4, which contains coir, mycorrhizae and is also cheaper.