Tercio pikemen can be very easily upgraded to heavy mail which is 1 less armor than the Noble's partial plate.

Combined with their superior training, 39% lower training cost and 28% lower upkeep, this makes Tercio the overall best.
If your going to include Armour you have to include the Nobles own upgrade. Not to mention that I've tried Noble Pikes vs. Terico's and the Terico's do do a lot of damage but they still get beat.

Don't get me wrong, i'm sure for price the Terico's are more efficient, but if we look at that then Heavy Pike Militia STILL win as they cost zip all upkeep in cities and aren't that expensive for what they give and can still match Terrico's

However the question was which is the best pike. not which is most cost efficient just which is the best killer and I've yet to find one that can beat Noble Pikemen.