Gaga, easily.
And by MILES!
Gaga has the respect of the GP & of the industry. Even Legends sing her praises & perform with her. That's something Katy unfortunately does not have.
Even if the GP despises how Gaga acts & dresses, they can never deny how talented she is. Go read the Youtube comments on the videos of Gaga's live performances & Katy's live performances, and you'll know the answer to this question.
There are hundreds of comments on each video where people have written something like...."She is weird, but damn Gaga can singgg" or "She is so talented, why does she dress so weird?" or "OMG I always thought Gaga had no talent, but after watching this performance, I have to say she is very talented and I'm impressed."
^^^ That's just a gist of how most of the comments on Gaga's live performances videos are. That's the GP talking. Go look at the comment section of her Howard Stern interview, that's the GP talking.
Katy is a brilliant Pop Star but that's all. Gaga is a brilliant artist/ Pop Star.
Gaga is held to a very different and higher standard and that's just the truth of it all. Her decline is a big deal, because it's LADY GAGA. People expect nothing but the best from her, even if they like her or not.
Even her "decline" is making more headlines then Katy's "success" and that should tell you something.
And I'm pretty sure if you were to ask Katy Perry this question, she herself will say, "It's Gaga".