Coventry, who won the gold medal in the same event at the 2004 Olympics, swam a time of 2:08.52 while Hoelzer was second in 2:09.94. Both were seniors this past season for Coach David Marsh's team.
Earlier at the world championships in Canada, Coventry won the 100-meter backstroke and took the silver in the 200 individual medley.
Former Auburn swimmer Fred Bousquet took seventh place in the 50-meter freestyle sprint on Saturday night with a time of 22.44.
Auburn's Jana Kolukanova advanced to Sunday's finals in the women's 50 freestyle with the eighth best time of 25.28.