No, it's much different than the SM58.
#1, it is a condenser.
The sounds is a lot warmer but it is noisier.
The SM58 has a lot more mids, probably better for male vocals that need to cut through.
It's not a bad mic at all, worth having but not comparable to the SM58.
You should be able to get one for $50; however, I think the Shure is a better bet.
A mic I like better than either is the Audio Technica ATM41a.
It's clean, clear and doesn't have midrange honkiness.
You might also keep and eye out for the EV 7 seris, suchs as the 757.
These mics are great for live use as they are loud and have very low handling noise.
Good luck