Is there a difference between psychotic depression and schizophrenia?

Yes.: Schizophrenia is characterized by psychoses present for most of a 1-month period and may or may not involve depression at the same time. Psychotic depression involves signs of depression and psychosis during the same 2-week period that does not meet the criteria for a mixed episode, frank depression, schizophrenia, etc.

Yes: Mainly treatment and outcome. In schizophrenia, disordered thinking (psychotic thinking/hallucinations) is a major symptom; in depression, psychosis (mainly delusions/paranoia) is serious but not common. Psychosis of depression can clear with only depression meds, antipsychotics are a must in schizophrenia. Antipsychotics in depression can help clear it. Schizophrenia is harder to treat overall.

Yes: In psychotic depression any break with reality would occur during a severe depression. Schizophrenia entails six months of symptoms and significantly impairs functioning in order to make the diagnosis. Symptoms may include hallucinations, delusions, disorganized speech and behavior etc. Someone with schizophrenia can become depressed but the psychosis would not occur only during the depression.