Both the squats and deadlifts are considered to be kings for raw strength. They both use almost same muscles but in a different way. Both are power-lifting movements and both will give you insane strength and should be incorporated in your workout.
Squats and deadlifts hit the legs but in a different way. Squat hit much more the quads and the calves, in fact calves are not worked by deadlift, as the weight is placed on the heels, as opposite to the squat where weight is placed on the whole feet. Deadlifts hit more the hamstrings and the glutes, and are better for this purpose than squats. We can say that squat is the king for quadriceps and that deadlift is the king for glute and hamstrings. Squat win this because of the calves which are not involved by the deadlift, but it was very close!
The best exercises to work your core are not abs specific exercises neither lower back specific exercises, they are the squat and the deadlift. However, in this match, the deadlift is winning over the squat. The deadlift cause much more intestinal pressure, when the abdominal is blocked and the rib cage expanded, because of the much more horizontal posture created by this exercise. You will develop much more abdominal and lower back strength than with the squat which has a more vertical posture. Deadlift is the winner!
It is obvious that the deadlift use much more the upper body than the squat, because of the barbell position. With the deadlift the barbell is held by your arms, building grip strength in your forearms and biceps, then the rhomboid and the trapezius are heavily engaged in this movement, this is actually the best exercise to develop massive traps. It also hit the latissimus dorsi in this movement. The squat almost not engaged the upper body, you can fell a little the lats controlling the weight but in no way you will hit the upper body as the deadlift does. Deadlift wins easily!
We can say that both are very important in your training, and you should include both in your workout. Squat will be the best for your quadriceps, but deadlift is definitely winning this match, it will develop much more muscles than the squat alone. While on the topic it should also be noted that doing both squats and deadlift has a positive effect on the body’s natural testosterone level as both exercises are known to boost the testosterone in the bloodstream however deadlift is considered by many as the most complete exercise for developing overall raw strength!