Shear strength will vary with the diameter of the fastener more than with the strength of the metal; the shear joint will usually fail when the wood under the fastener compresses.
What a screw will provide is withdrawal resistance for a longer time if the fence is exposed to the weather. If you want to make the fence more than decorative, I would recommend screws, rather than a nail. I can tell from personal experience that a worn 6D nail in a fence is weaker in withdrawal than a Lab retreiver puppy...