iptables -A INPUT -p tcp --dport 22 -m state --state NEW
  -m hashlimit --hashlimit-name SSH --hashlimit-above 5/min
  --hashlimit-mode srcip -j REJECT
iptables -A INPUT -p tcp --dport 22 -m state --state NEW -j ACCEPT

iptables -A INPUT -p tcp --dport 22 -m state --state NEW -m recent
  --rcheck --seconds 60 --hitcount 5 --name SSH --rsource -j REJECT
iptables -A INPUT -p tcp -m tcp --dport 22 -m state --state NEW
  -m recent --set --name SSH --rsource -j ACCEPT

Is there any difference in how these two will behave?

With an emphasis on performance, which one is preferable?

Is there a significant downside to using both modules?