They have different extents.
Check the properties of both and look for the 'extent' ie the left, right, top and bottom.
you need to set a common extent to the smallest of the two.
There are a number of ways to do this, but you could produce new versions by clipping to a common extent
Extent (Environment setting)—Geoprocessing | ArcGIS Desktop
Also, it wouldn't be the first time that both layers have been claimed to be in the same coordinate system and they weren't because people have used the Define Projection tool rather than the Project tool so examine your workflow and confirm that the coordinates are indeed the same