Modeling and simulation of complex systems frequently requires capturing probabilistic dynamics across multiple scales and/or multiple domains. Cyber–physical, cyber–social, socio–technical, and cyber–physical–social systems are common examples. Modeling and simulating such systems via a single, all-encompassing model is often infeasible, and thus composable modeling techniques are sought. Co-simulation and closure modeling are two prevalent composable modeling techniques that divide a multi-scale/multi-domain system into sub-systems, use smaller component models to capture each sub-system, and coordinate data transfer between component models. While the two techniques have similar goals, differences in their methods lead to differences in the complexity and computational efficiency of a simulation model built using one technique or the other. This paper presents a probabilistic analysis of the complexity and computational efficiency of these two composable modeling techniques for multi-scale/multi-domain complex system modeling and simulation applications. The aim is twofold: to promote awareness of these two composable modeling approaches and to facilitate complex system model design by identifying circumstances that are amenable to either approach.