While I can see both used for a valve shaft their corrosion resistance is so different that they almost cannot be compared.
I presume that the 420 is Q&T, and that the Monel is K-500 in the aged condition.
If that is true then their strength will be similar.
= = = = = = = = = = = = = = = = = = = =
P.E. Metallurgy, Plymouth Tube