It seems well known that different quantum fields can give rise to the same $S$-matrix. I know of two ways this is described.
The first is through the Borchers class of relatively local fields, i.e. fields $A(x)$ and $B(x)$ which satisfy $$[A(x),B(y)] = 0,\ \ \ \ \text{$x$ and $y$ space-like separated.}$$ It is then known that all fields within the same Borchers class have the same $S$-matrix.
The second is through the LSZ reduction formula, where the only requirement on the field is that:
It has vanishing vacuum expectation value $\langle 0|\phi(x)|0\rangle = 0$.
It has non-zero overlap with the relevant single particle states $\langle p|\phi(x)|0\rangle \neq 0$.
And any field $\phi(x)$ which satisfies the two above conditions (up to normalization) will give the same $S$-matrix.
My question is a bit vague, but I would like a better understanding as to how the two criteria are related. The two doesn't seem equivalent.
For example, let's consider the simple example of a scalar field $\phi(x)$. We can consider the normal ordered field $:\phi^2(x):$ which lies within the same Borchers class as $\phi(x)$. So we expect the two to give the same $S$-matrix. On the other hand, the overlap of $:\phi^2(x):$ with single particle states is vanishing, so we should expect a different $S$-matrix due to the LSZ formula.
In general, it doesn't seem true that
$$\text{"relatively local" $\implies$ "non-zero single particle overlap",}$$
nor does it seem true that
$$\text{"non-zero single particle overlap" $\implies$ "relatively local".}$$
So how do I reconcile these two (apparently inconsistent) ways of looking at $S$-matrix equivalence?