Is it better to get waitlisted or deferred?

What is the difference between getting waitlisted and differed? And which is better?

To-may-to/to-mah-to; they both suck

One is deferred from the early round and one is waitlisted from RD. It’s possible, though remote, for an EA application to be deferred to RD, and then waitlisted. Neither is ideal, but at least with being deferred, there’s a hope that you will be offered admission in the regular round. With waitlisting, the odds are generally infinitesimal, although for many schools, it’s hard to calculate since no all schools reveal the size of the waitlist.