Someone did reply to your query earlier in the thread, in any case here goes
Both of them are carnauba waxes. A wax basically serves as a protective barrier against environmental contaminants and insults.
The formula1 is a cleaner wax i feel though they dont write it, which basically means it has a mild paint cutting ability as well but obviously very mild.
And since yoir following question would be which one is better or recommended here it is. As far as which one is better cosmic I think (in terms of longevity), what I would recommemd neither. Spend 2 or 3 hundred rupees extra and get some turtle wax. Decent product at a very decent price.