The difference is well described in any basic spring design textbook. Look for a description of the "curvature correction factor". Essentially, the fact that the spring is a helix (or that any segment of the spring is a curved bar) means that some bending stresses are formed, which cause the peak stresses at the inside of the coil to be higher than at the o.d., the difference increases as the ratio of spring diameter to wire diameter decreases. A formula for the correction factor to the torsion stress is
K = (4c-1)/(4c-4) + 0.615/c
where c = coil dia. / wire dia. = D/d
The torsion stress is then given by
Tau = 8PDK/(pi d3)
P = applied compressive load.
The above is an approximate solution, and generally valid when c>3.
Another effect is that the pitch of the coil changes as the spring deflects, which as cowski points out, means that the o.d. of the coil increases. More complex theory pertains.
See Wahl, Mechanical Springs, Spring Mfgr's. Institute and McGraw-Hill, chapter 5 and chapter 19. Or look for other texts at the SMI website.