That depends on priorities. Foam gives better insulation and no shear strength. When it is used entirely for the sheathing, one must use bracing in the wall such as let in 1x4 or metal diagonal straps to achieve the raking or shear strength.
In seismic zones it would be almost impossible to achieve the strength for withstanding an earthquake without using solid sheathing such as OSB, Plywood, or Advantec
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