COALESCE is more modern function that is a part of ANSI-92 standard.
NVL is Oracle specific, it was introduced in 80‘s before there were any standards.
In case of two values, they are synonyms.
However, they are implemented differently.
NVL always evaluates both arguments, while COALESCE usually stops evaluation whenever it finds the first non-NULL (there are some exceptions, such as sequence NEXTVAL):
SELECT SUM(val)
FROM (
SELECT NVL(1, LENGTH(RAWTOHEX(SYS_GUID()))) AS val
FROM dual
CONNECT BY
level <= 10000
)
This runs for almost 0.5 seconds, since it generates SYS_GUID()‘s, despite 1 being not a NULL.
SELECT SUM(val)
FROM (
SELECT COALESCE(1, LENGTH(RAWTOHEX(SYS_GUID()))) AS val
FROM dual
CONNECT BY
level <= 10000
)
This understands that 1 is not a NULL and does not evaluate the second argument.
SYS_GUID‘s are not generated and the query is instant.