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The fact that the axe gets an extra attack is made up for by the fact that the fist wounds more easily. Yes, the axe is a tiny bit better against guardsmen, but the fist is much better against monstrous creatures and vehicles. Doing an extra half a guardsmen in kills pales in comparison to punching the last HP off a land raider or finishing off a rampaging trygon, or straight up punching a dreadnought to death.

Axe also goes after the IG guy, where as the sword would go before the IG guy. Killing the model might not mean much, but it prevents dice rolling, which is typically the goal.