While both cars are powered by the LT1 V8 engine, the Camaro does produce more horsepower.
JDP Motorsports put both cars on the dyno. The runs were performed on the same day, with the same dynamometer and the same fuel. Here are the results:
2016 C7 Corvette: 417.49 hp and 418.49 lb-ft
2016 Camaro: 421.48 hp and 427.80 lb-ft.