... I understand the different keys, but don't know how to substitute chords. Thought there would be more differences between the two progressions.
At the risk of being hauled over the coals, so caveat IMHO, IME and YMMV etc.
In the Major key, the I, IV and V are called Primary triads because between them they contain all of the diatonic notes of the key:
I = 1, 3, 5;
IV = 4, 6, 1;
V = 5, 7, 2.
Each Primary triad has a harmonic 'function', based on the name/function of the note in the key:
I = Tonic;
IV = Subdominant;
V = Dominant.
The remaining triads are called Secondary triads, but they are assigned functions based on the degree of commonality they have, ie notes shared, with the Primary triads:
ii = 2, 4, 6.
4 and 6 also figure in IV, so ii commonly takes a Subdominant function;
iii = 3, 5, 7
3 and 5 appear in I, so iii functions mainly as Tonic;
(Edit: 5 & 7 also appear in V, so in some contexts/styles iii may be used in the dominant function.)
vi = 6, 1, 3
1 and 3 appear in I, so vi also has a largely Tonic function;
vii = 7, 2, 4
7 and 2 also feature in the V chord, so vii often works in a Dominant role.
Any chord can be subbed for any other by function, which comes down to shared notes. In the above, the secondary triads all share 2 of the 3 notes in common with at least one of the primary triads, i.e only one note is changed between the Primary and Secondary triads having the same function.
TLDR...
Some interesting analytical observations...
See how there are 3 'tonic' chords (I, iii and vi), 2 'subdominant' chords (ii and IV), and 2 'dominant' chords (V and vii). So the tonic function is well represented.
We can see that, when played in cycles, both the I-IV-V and ii-V-I progressions move in the same way, i.e. Subdominant > Dominant > Tonic, which is why they can sound 'similar', even against different rhythmic foundations. The differences arise out of the resolutions that occur within the progression and the time spent away from the Tonic.
In the change ii-V there are notes in common which softens or smooths the movement compared to IV-V, where there are no shared notes.
In I-IV-V, the Tonic and Dominant are shared twice - in I-IV and V-I - which gives a strong sense of the tonality or key - the Tonic and Dominant - it's not called that for nothing - keep on cropping up. This is a main source of the inner strength alluded to by @Jazz Ad above.
In the case of ii-V-I, the Supertonic (2nd) and Dominant (5th) are shared across 2 changes (by ii-V and V-I respectively), and the Tonic only once (V-I). The 'subdominant' ii chord does not include the Tonic as it does in I-IV-V, but it does includes a note, the 5th, from the V chord. Hence ii-V-I has a weaker sense of tonality and stronger sense of movement 'around' the tonic, which makes it so great for extended vamps and jams - it just keeps going around and around.
Of course the boundaries get exponentially smudged when we start adding 7ths, 9ths etc. into the equation...
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