peer group vs contemporaries

peer group and contemporaries both are nouns.

Word	Noun	Adjective	Verb	Adverb
peer group	Yes	No	No	No
contemporaries	Yes	No	No	No

As nouns, contemporaries is a hypernym of peer group; that is, contemporaries is a word with a broader meaning than peer group:

peer group: contemporaries of the same status
contemporaries: all the people living at the same time or of approximately the same age

Other hypernyms of peer group include coevals, generation.

peer group (noun)	contemporaries (noun)
contemporaries of the same status	all the people living at the same time or of approximately the same age