Are the AIO watercooled cards just reference cards with a different cooler?

[kasakka]

So it's well known the EVGA Hybrid is just a reference card with an AIO watercooler instead of the blower fan. But what about other similar cards? Are they just reference or do they have the improved VRM etc you find on cards you find on the more expensive AIB cards?

 

[Napoleon]

EVGA FTW Hybrid isn't a reference card