hip boot vs waders

hip boot and waders both are nouns.

Word	Noun	Adjective	Verb	Adverb
hip boot	Yes	No	No	No
waders	Yes	No	No	No

As nouns, waders is a hyponym of hip boot; that is, waders is a word with a more specific, narrower meaning than hip boot:

hip boot: a very high boot; used especially for fishing
waders: waterproof hip boots (sometimes extending to the chest) worn by anglers

hip boot (noun)	waders (noun)
a very high boot; used especially for fishing	waterproof hip boots (sometimes extending to the chest) worn by anglers