They are not equivalent devices.
That is an awesome rheostat you have there. Take good care of it!
I think that's also called a "variac" but maybe someone more knowledgeable needs to correct me.
The wiper bar on the top is covering the "output" spec but I assume it can vary from 0-120VAC output, based on the 2.2A current rating and 270VAC power rating.
If you don't want it, I have a use for it.
The other thing is a cheap potentiometer made in China. Variable resistor. Useful but not very special.