Squatting with dumbbells at my side, I would think that my hands would be resting on the ground before I reached the bottom position. So I wouldn't really be able to go full depth. This would be different for everyone though due to leg/torso/arm length.
With the deadlift, I start bent over and rise to a vertical position. With the squat, the angle of my back usually stays the same in relation to the ground. So that seems different too.
Also, the center of gravity is going to be different. One will have you leaning a little farther forward. The other will have you standing up a little straighter.
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