I am trying to understand the difference between Liquid clustering and z-ordering. As per my understanding, both stores the clustered information into ZCubes which is of size 100 GB.

Liquid Clustering maintains ZCube id in transaction log so when optimize command gets executed then it will rearrange the data only in unclustered ZCube, by this way it will avoid complete re-organizing entire table or data at partition level. 

Z-Ordering do not maintain ZCube ID in the transaction log so whenever Optimize command gets executed then it ends up re-organizing entire table or data at each partition level which is heavy write operation. 

Please correct me if i am wrong and request to add any more differences which explains the architecture of these two.