Believe it is primarily due to the way the guns are modelled in AH.
There have been oh... probably about a hundred threads about this topic in the 3 years I've been around here.
Short version is, the Hispano has two types of rounds, HE and Ap. Both are heavy rounds with fast muzzle velocity, therefore the composite AH round is a heavy, fast round with good AP and good HE characteristics.
The Mg-151 had HE, AP, and Mine rounds (super HE). If I recall correctly, the belting was something like 2 HE, 2 AP, and 1 Mine. The HE round was small, with a fairly low muzzle velocity, and didn't have that much explosive. The AP round was small, with a fairly low muzzle velocity. The Mine round weighed less than the other 2, but had far more explosive content. It would do damage comparable with a Hispano.
The composite round is small, slow, and doesn't have much HE.
Best thing to do to check it out yourself is take Tony Williams analysis of Aircraft Guns, and play with it some.
The Hispano is the 20X110 HE Round (he doesn't have any AP data up there).
The MG151 is the 20X82 is the MG-151. He rates the Hispano at a 201 overall, the MG151 AP at 110, the HE at 109, and the Mine at 236.
So for a average belt of 5 rounds, the average Hispano round does 201 damage (in Tony Williams damage points) per round, the MG151 does ((110+110+109+109+236)/5) or 134.8 damage (in Tony Williams damage points) per round. The MG151 is roughly 67% as effective as a Hispano. I think it is slightly less than that in AH.
Older MG vs cannon thread