None is larger
They're the same. This is known as the Ebbinghaus Illusion.
A white square is inscribed in a blue circle, which is inscribed in a larger orange square. Which area is larger, orange or blue?
Suppose ABCD is a square and E is the midpoint of AD. Construct a circle through the points E, B, and C. Which shape has a larger perimeter: the square or the circle?