The complete device wipe will delete all the data from the device, including the personal data of the user and the device will be reset to factory settings. To perform a complete wipe, navigate to the Manage tab, select the desired device, click on the Actions button and chose the option Wipe Device. Check out the help doc on complete device wipe to get more info.
Whereas, the corporate wipe will not delete the device data completely. The corporate wipe deletes the Wi-Fi networks, Email configurations, VPNs and APNs, without affecting the user configured data. Also, the enterprise apps pushed by the MDM can be removed from the device remotely. For performing a corporate wipe on the device, delete the policies that associates Wi-Fi, VPN and other settings with the device or disenroll the device. Please refer the help doc on corporate wipe for more details.