Structural subtyping and parametric polymorphism provide a similar kind of flexibility and reusability to programmers. For example, both enable the programmer to supply a wider record as an argument to a function that expects a narrower one. However, the means by which they do so differs substantially, and the precise details of the relationship between them exists, at best, as folklore in literature. In this paper, we systematically study the relative expressive power of structural subtyping and parametric polymorphism. We focus our investigation on establishing the extent to which parametric polymorphism, in the form of row and presence polymorphism, can encode structural subtyping for variant and record types. We base our study on various Church-style $\lambda$-calculi extended with records and variants, different forms of structural subtyping, and row and presence polymorphism. We characterise expressiveness by exhibiting compositional translations between calculi. For each translation we prove a type preservation and operational correspondence result. We also prove a number of non-existence results. By imposing restrictions on both source and target types, we reveal further subtleties in the expressiveness landscape, the restrictions enabling otherwise impossible translations to be defined.