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I ran 4:14 with a PR of 2:05 but I believe I was in 1:56 shape at the very minimum (my 2 fastest splits from that race would be 1:57 - 59, 69, 67, 58 and decimals)
For the vast majority of HS runners, a 2:00 800 is easier than a 4:20 mile. However, if you’re more of an endurance type, 4:20 might be easier. I knew a 4:19 dude that never broke 2:01.
I think they are very close, and it probably depends on whether you are more speed or endurance.
I was I:57.5 and 4:21, but ran a 60 last 400m in the mile, so probably could have gone a couple of seconds quicker.
Went 1:58 with a 4:20/9:15. Best at 2 mile so you don't need to have a ton of speed, but some. 2:00/4:20 should be about the same, but you'll find more younger aged athletes can break 2 easier.
All I know is that in my state (Oklahoma) every year there are boatloads of sub 2:00 800 meter HS guys and only a handful of sub 4:20 guys... and it has been that way in every one of the fifty years I've been following the sport.
There are a lot of years that 4:20 will win state in the larger classes. 2:00 won't even get you there in some years.