They have the same chemistry, but Y, on the right, sources MgO from a frit rather than from dolomite. Y is has a more fluid melt so it is not as opaque against the black slip underneath (thus it looks better on translucent porcelains). However its surface is just slightly finer. The Y one appears darker on the porcelain tile but it is actually brighter. The Y version is more likely to fire to a functional matte because it employs a frit to source the MgO (instead of dolomite which is variable from region to region).
G2934Y - Cone 6 Magnesia Matte Low LOI Version
The same chemistry as the widely used G2934 but the MgO is sourced from a frit and talc instead of dolomite. It has a finer surface, less cutlery marking and staining.