Uh its very hard to match up fighters from the 1890's to more modern fighters. For one, the film on them is terrible. You cannot accurately assess their ability. Another problem; boxing techniques were developing. It wasn't until the 1930's that techniques had evolved to what they are today. This is not to denigrate Corbett but i doubt he was anywhere near the technical boxer that say Billy Conn was. If someone put a gun to my head, i would say Canelo decisions him. Although Canelo struggles vs slick boxers, i don't think Corbett was as refined as guys like Conn, Loughran or Tunney. I think Corbett might struggle with Canelo's technique and quick handed combination punching. Its not like guys couldn't throw combinations back then but because they had fights scheduled for long periods, they had to conserve energy. I would imagine Canelo is a more precise combination puncher than anyone Corbett has faced.
The same as I picked Golovkin over Corbett, I would pick Canelo over Corbett. He simply doesn't have the power to bother guys like this. His only hope is to potshot from the outside, but I don't think he's good enough to pull it off. Whatever I may think of ginger as a person, his boxing skills are superlative and very well drilled.
Corbett is much taller, longer and faster. Hits harder too. Canelo would have a tough time countering.