Hot Dogs are a cheaper version of a Franks. Franks are made with a higher quality of meat, usually actually put into a smoker and stuffed in natural casings like sausage. Hot dogs especially some real cheap ones are just cooked and made with junk. A little meat and a lot of filler. The filler is like soy or similar edible things that add weight and substance to the hot dog. But there are really the same item if seen next to each other.
I believe that a hot dog is not a big, thick, meaty, and isn't as chunky as a franks, franks tend to bend slightly (at least from the ones I've seen) so they look like this "C" and hot dogs are thinneradn straight like this "l"