No not really. Two worlds 2 is fun in its own way, but its very short and theres not a whole lot to do once you finish the main quest. The combat is the biggest difference in game play in my opinion. The spells you use in two worlds are very fun to use (I love the poison bolts combined with the undead knights it brings a smile to my face with every use) while the sword fighting is a little bit more hack and slash.
In Oblivion its way more open. Your not forced to do anything to reach a new area in Oblivion if you want to go somewhere or do something you start walking in any direction, and within mins you will find something to distract you.
To answer you question your not going to find many similarities between the two they are very different games with Oblivion being the superior.