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The difference is IIRC that relocatable code is produced by the compiler and can be relocated by the linker, you have also dynamic relocatable code that can be relocated during load-time linking by ld.so.
Position independent code is just a term for code that can run in any address space, the code doesn't have to be relocated, so the addresses don't have to be relocated because the code uses other mechanisms like using offsets instead of absolute addresses (for example, offsets from %esp on x86).
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