Paste is always better, if you're looking at performance. Liquid wax is just a watered down version of the paste using surfactants, solvents, etc. Now a high quality liquid may perform better than junk paste....but most wax companies make liquid wax because their customers complain about how hard it is to use paste. So, when comparing company X's paste vs. liquid...the paste will always outperform.
If I was you, I'd get away from wax all together and just use RejeX. It's a polymer sealant.
If you use it, you need to wash your car really well with Dawn soap/Simple Green first to get rid of all wax. Then apply 2 coats of RejeX with 12 hour cure time inbetween. It wipes on and buffs off really, really easy. If you do your wheels, brake dust will never stick again.
It will make the car shiny like wax, but not quite have the same "depth" that a good wax will give you. Some guys put a coat or two of good paste wax ONTOP of Rejex to give them that deep/wet look. But when it comes time to recoat with Rejex (in 6-10 months), you'll have to strip the wax off again and start all over.