masked ball vs masquerade

masked ball and masquerade both are nouns.

Word	Noun	Adjective	Verb	Adverb
masked ball	Yes	No	No	No
masquerade	Yes	No	Yes	No

As nouns, masquerade is a hypernym of masked ball; that is, masquerade is a word with a broader meaning than masked ball:

Other hypernyms of masked ball include ball, formal, mask, masque, masquerade party.

masked ball (noun)	masquerade (noun)
a ball at which guests wear costumes and masks	making a false outward show
	a costume worn as a disguise at a masquerade party
	a party of guests wearing costumes and masks

masked ball (verb)	masquerade (verb)
	pretend to be someone or something that you are not
	take part in a masquerade