Air conditioning is more physically demanding, but I think electricians have a much more dangerous job. Working with large amounts of current scares me. HVAC professionals are more likely than electricians to operate in confined spaces. Solving problems related to faulty air conditioning systems can put HVAC technicians in dangerous hot or cold situations.
My apprenticeship is comprised of BAS (lots of climate controls) and safety, but right now I'm working for a commercial energy contractor and I realize how physical the job is.