Which one?
Dust collector for sure!
Glad someone has asked this question because some people believe they operate the same.
However, dust collectors are much more efficient and collect more air particles (smaller ones included).
Though I can see why someone would prefer a shop vac. Dust collector units can run a bit on the expensive side.
EDIT: I just now realized this post is two years old. Gotta look at these dates. 
I’m doing both. I have a medium ShopVac and Home Depot dust collector hooked up to my machine, and a large ShopVac with same collector in my shop. GREAT for the cost. Neither vac has ANY refuse in it and the 5 gallon bucket is a breeze to empty.
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