Different kinds of product: one is active with its amplifier built in, the other passive and needs one. Judge them on how you want to own the system, not just the specs.
| Area | Better | Why |
|---|
| Bass | evenly matched | Much the same reach (55Hz vs 55Hz). |
| What you buy | depends | PSB Alpha AM5 is a complete system - just add a source. PSB P5 also needs an amplifier: more money and another box, but you choose it. |
| Connections | depends | PSB Alpha AM5 has Bluetooth and phono built in. With PSB P5 that all comes from the amplifier you pair it with. |
| Upgrade path | depends | PSB P5 can be re-amped later and outlive several amplifiers; PSB Alpha AM5 ages as one unit. |
| Size | depends | Similar cabinet size - neither is easier to fit. |
| Price | A | PSB P5 is cheaper - $449 against $599, about 25% less. Speakers only - an amplifier narrows that gap. |
A PSB P5 B PSB Alpha AM5
depends neither is better in the abstract - it turns on your room, your system or how you will use them. Only specs published for both speakers are judged; anything missing on either side is left out rather than guessed.
Which should you choose?
PSB Alpha AM5 suits you if you want one box, ready to play, with nothing else to buy. PSB P5 suits you if you already have an amplifier, want to choose the electronics, or expect to upgrade in stages. Neither is the better speaker in the abstract. Think about the whole system, not just the speakers: the roughly $150 saved by taking the cheaper pair would buy a subwoofer or a better amplifier, and either usually does more for the sound than the difference between these two.
And remember what a spec sheet cannot show: how each looks in your room and whether the finish suits it, what dealer support and warranty are like where you live, and how they actually sound to you. If you can hear them first - ideally with your own music - that will tell you more than any number above.