Shield is better.
Mage Armour might not do anything for you and so will be a waste of a spell slot often enough to be significant.
Shield will almost always work so will be worth the spell slot. It is +5 AC versus +3 AC so it has more potential to save you. Finally, it lasts until your turn so it might stop multiple attacks.
Mage Armour is only good when 1st level slots are plentiful.
*edit* It is even worse with the Strength of the Grave ability.