KH Bodyguards are better because they have no disadvantage against spear-units. They have some of the best Infantery-Units by their side and can face a unit of mounted enemy bodyguards and stand their ground.

The obvious advantage (the shock-effect charge) of the mounted bodyguards the have of course not. But I've sent FM in almost every battle, some died, but not many. Most of them even could turn a difficult battle and save victory.