Ice is in solid state while water is in liquid state. The water has more energy at 0 degree Celsius than ice at the same temperature. Ice will convert into liquid state by absorbing the latent heat of fusion. On the other hand, no such heat will be absorbed by water as it is already in the liquid state. Hence, ice will absorb more energy than water at 273 K or 0 degree. The more is the energy absorbed, the more is the cooling effect. As a result, the cooling effect of ice at 273 K or 0 degree is more than water at the same temperature.