They are both portable in the sense that they don't require installation. I have two versions of 'portable' application, which I have downloaded a long time ago.
Cameyo also compiles it too much and acts as a 'middleware' whenever you want to open ThinApp VMWare compiles the whole application into one exe file, which doesn't always run on other computer. I found that apps like Cameyo and ThinApp VMWare, but they are not really portable. I did some research on how I can make an application portable and they all require an image capture of the installation before and after.