"..The file sizes should be the same since I am using the same type of miniDV tape in either case.."
The tape has nothing to do with it!
HDV - being hi-definition - uses larger movie frames which have about
four times the data of an ordinary standard-def DV frame.
So, logically, the file size for HDV should be about 4x the size of normal DV ..which, in your case, it obviously is: 40GB vs. 11GB.
The method by which all that extra data can be squeezed onto a miniDV tape - running at the same speed as normal DV - is that the HDV data is
compressed onto the tape, with only one-in-fifteen video frames being recorded in full, and the next 14 frames are just saved as compilations of what's
different between the 'keyframe' and each of those subsequent 14 frames.
This means that much less data than the full hi-def frames needs storing on the tape.
HOWEVER, as Lennart says, it's not editable in that form, because most of the video frames don't actually exist! ..So when HDV is imported into iMovie, it's expanded into the Apple Intermediate Codec format, which builds real movie frames from compressed data ..hence, the file size within iMovie expands, and can end up much larger (..maybe 4x larger..) than the file size of normal DV.
It's like transporting gallons of orange juice; you could transport 20 gallons in 20 individual gallon jars. But you could also extract all the water, just leaving the concentrate, and then transport it in, say, only 5 jars ..like compressing the 4x larger HDV data onto low-capacity tape.
Then, at the point where you want to use it, you add water to bring it back to its original consistency ..whereupon it fills 20 jars again ..or it expands back to its proper huge file size.