In this comparison, let’s have a look at some of the most famous bootable USB drive creator softwares. YUMI (Your Universal Multiboot Installer) can be used to create a Multiboot Bootable USB Flash Drive containing multiple operating systems, antivirus utilities, disc cloning-backup, penetration testing, diagnostic tools, and much more in single drive. YUMI makes it very easy for anyone to create their own custom All-In-One Multi use diagnostic USB PC Repair Toolkit. The main feature of YUMI is its ability to install more than two operating systems at one time. It is also capable of creating backup drives of antivirus software, camera drives and other important drives. And it is phenomenal that you are not limited to it, just by the size of your USB drive so ensure you have all the available space you need each time you run it

HP USB DISK Storage Format Tool
HP USB Disk Storage Format Tool is a robust Windows-based format utility. In terms of functionality, Etcher and Rufus is very similar to HP USB Disk Storage Format Tool. It can format any USB Flash drive in FAT, FAT32, or NTFS file systems and creates DOS start up disks that can help boot a PC. You can also make the disk bootable by specifying a file location. It is important to note that this utility will only work with USB connected flash drives, not internal ones. HP USB Disk Storage Format Tool is compatible with all brands of pen drives, not only HP ones. It is a portable freeware which you can carry on a USB drive and format other Flash drives on any Windows PC, or even copy it to a PC, run it, and then just delete it.
HP USB Disk Storage Format Tool is used to remove space on Flash drives which cannot be deleted in the traditional way, create bootable USB drives, or simply eliminate any tracks of malicious software that may have infected it. It can also be used to format USB storage devices that cannot be formatted by Windows. To put it in a nutshell, in urgent matters that you need to attend, you would want to have HP USB Disk Storage Format Tool to save you when Windows version does not provide this option.
CONCLUSION:
If the concept of booting or boot loader sounds new to you, Etcher seems to be a good option. On the other hand, if you deal only with Windows, you can go for Rufus USB or Win32 Disk Imager. For everything else, you can go for YUMI and have HP USB Disk Storage Format Tool whenever necessary.
If you are interested in installing Windows, you can get a good idea watching the following video.