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Html.Action() – Outputs string
Html.RenderAction() – Renders directly to response stream
If the action returns a large amount of HTML, then rendering directly to the response stream provides better performance than outputting a string.
The difference between the two is that
Html.RenderAction will render the
result directly to the Response (which
is more efficient if the action
returns a large amount of HTML)
whereas Html.Action returns a string
with the result.
check out this link for a detailed explanation