MA in Stats vs Applied Stats

[hey-yo-psych]

I am entering a PhD program doing quantitative methodology in a social science field, and I have the option to pick up an MA in stats en route to my final degree. 

On paper (where I will be attending), the stats vs applied stats degrees do not look very different to me.  There is a non-thesis option for stats and it is possible for me to duplicate a theoretical stats curriculum while receiving an applied stats degree. 

Essentially, the difference is all in the name (although it is possible the adviser led experiences will differ).  Are there any real differences between the two?  Doing quant methods, I feel I am already in an applied field, so I wonder if the ROI will be higher on my degree if I call myself a theorist for my masters or stick with applied.