"In him also you were circumcised with a circumcision made without hands, by putting off the body of the flesh, by the circumcision of Christ, having been buried with him in baptism, in which you were also raised with him through faith in the powerful working of God, who raised him from the dead. And you, who were dead in your trespasses and the uncircumcision of your flesh, God made alive together with him, having forgiven us all our trespasses," - Colossians 2:11-13
Circumcision was a requirement of the Torah given to the Jews, it marked one as a member of the Jewish people and a member of that Covenant. Circumcision doesn't have meaning in the New Covenant. So the requirement of circumcision in the Church is a rejection of 1) That there is a New Covenant established for all people through Jesus the Messiah, 2) this New Covenant people consists of both the circumcised and uncircumcised (i.e. Jew and Gentile) without discrimination or distinction. The insistence by the Judaizers that Gentiles must be circumcised is rejected upon this foundation of apostolic teaching. These are among some of the major points Paul has to go over, and often repeat in different ways, in a number of his letters--Romans, Ephesians, Galatians, etc. So when we read the Epistle to the Ephesians we see that in Christ the dividing wall between Jew and Gentile has been removed, for God has made one people from two. As we read through Romans we see how Paul brilliantly weaves together the themes of the universal bondage to sin and death that all human beings have, the universality of God's grace and Christ's saving work for all, and the lack of spiritual distinction between either. Likewise, in Galatians we see Paul very clearly condemn the false gospel of the Judaizers, we see Paul's insistence on grace, and so on.
So, no, Baptism isn't comparable to circumcision beyond the fact that circumcision prefigures and points to the deeper substance of Baptism. These are not, however, like for like. Circumcision was given as Law, Baptism is not Law but Gospel.
And there is, and indeed must be, every precaution made to make the firm and sharp distinction between Law and Gospel. For no one can be justified under the Law, for the commandments of God condemn sinners in their sin; and that is why human works and human efforts can merit no righteousness for us. For all have sinned and fallen short of the glory of God.
-CryptoLutheran