bag lady vs homeless

bag lady and homeless both are nouns.

Word	Noun	Adjective	Verb	Adverb
bag lady	Yes	No	No	No
homeless	Yes	Yes	No	No

As nouns, homeless is a hypernym of bag lady; that is, homeless is a word with a broader meaning than bag lady:

bag lady: a homeless woman who carries all her possessions with her in shopping bags
homeless: someone unfortunate without housing

Other hypernyms of bag lady include homeless person.

bag lady (noun)	homeless (noun)
a homeless woman who carries all her possessions with her in shopping bags	poor people who unfortunately do not have a home to live in
	someone unfortunate without housing

bag lady (adjective)	homeless (adjective)
	physically or spiritually homeless or deprived of security
	without nationality or citizenship