Compounds have large abrasive particles within, that aggressively remove heavy surface oxidation and scratches. Polishes have smaller size abrasive particles that remove minor scratches and surface irregularities as well as swirls that result from using compounds. Depending on how heavily the surface is oxidized two “grades” of polish may be necessary such as 3M finessit polish followed by Maguiar’s #9 swirl remover, that has very small sized abrasives and can be considered a glazing substance. Wax, on the other hand, has no abrasives and fills in ultra fine surface scratches as well as seals the surface to provide an ultra smooth & shiny surface & also provides a surface protectant. Good idea, read Mainesail’s procedure for restoring a boat’s finish a couple times and follow it exactly. With heavily oxidized & neglected surfaces you may have to sand with wet& dry sandpaper before you even get to the compound stage. Don’t take any shortcuts. It is an arduous task,; however, you should get a nice result.