The difference, by the numbers
Both have lime juice. Only the Banana Daiquiri has aged rum, banana liqueur, simple syrup and banana; only the Grand Margarita has tequila and Grand Marnier. In parts, a Banana Daiquiri is 4½ rum, 3 banana liqueur, 1 lime and ½ syrup; a Grand Margarita is 3 tequila, 2 Grand Marnier and 1 lime. By volume, the Banana Daiquiri is 50% spirit, 33% liqueur, 11% citrus and 6% syrup and sugar; the Grand Margarita is 50% spirit, 33% liqueur and 17% citrus. That makes them close cousins on the ratio map.
The Grand Margarita is the stronger drink in the glass (19.0% ABV against 13.3%) and holds more alcohol (1.69 standard drinks against 1.44). The Banana Daiquiri has more calories (about 224 against 200) and more sugar (17.4 g against 7.8 g). The Banana Daiquiri is blended and served in a coupe; the Grand Margarita is shaken and served in a rocks glass.