I haven't done much in the way of hands on with Charpy or Izod. Back in unversity we did some testing as part of class, but I don't really remember the details.
As I recall the stress states are different in the vicinty of the V-notch, and IIRC, there is more shear (in the plane of the centered through the V-notch) in the Izod test as opposed to normal stresses compression/tension. The results are consequently different, and that relationship will vary according to the material (i.e. depends on elastic and the shear modulus).
Also where the impact occurs there will be an acoustic shock traveling throught the specimen that will effect the fracture somewhat. I have seen such discussions, but that was in some text which I don't have - and it was many years ago.
I think there have been comparisons with computational methods, and probably comparative experiments, but at the moment I can remember any sources. Probably there are articles in materials journals where comparisons have been made.
Here -
http://nvl.nist.gov/pub/nistpubs/jres/104/6/j46sie.pdf
Compare corresponding materials in Table 1 and 2, or look at the results in Table 3. See also section 3.5 Charpy vs Izod
Here is a nice comparison of the two methods.
http://civilx.unm.edu/laboratories_ss/mechmat/charpy.html
It's best to get a copy of ASTM E23.
Here is one comment -
HOWEVER, the numbers from those two test methods are not comparable. There is no accepted method of comparing CVN and IZOD numbers, but it is commonly known that the IZOD test produces higher numbers than a CVN test on an identical material sample, ie, CVN is more conservative.
This statement would indicate more resistance to fracture using the Izod test.
http://epi-eng.com/RW-EPI-ShaftTuff.htm
Nice background - http://www.matsci.ucdavis.edu/MatSciLT/EMS-174L/Files/DuctileBrittleTransition.pdf
Of course, as a modeler, I have to question whether the test actually replicates a real loading as would be encountered in the actual environment of the material.
Many tests are useful for certification/acceptance, but not for actual proof of porformance in the real environment.