A physical and wellness exam or wellness visit are pretty similar however with a wellness visit the exam is less extensive.
Now with a physical you'll usually get blood work or other lab tests done while with at a physical.
But at a wellness visit you'll just be examined and not have any blood work or other lab tests done.
A physical exam is usually done once per year also while with a wellness visit usually happens more often.
So you do get checkups and examined on both a physical and wellness visit but there are just a few differences that is mainly one has the blood work and lab tests while the other does not.