performance vs bit

performance and bit both are nouns.

Word	Noun	Adjective	Verb	Adverb
performance	Yes	No	No	No
bit	Yes	No	No	No

As nouns, bit is a hyponym of performance; that is, bit is a word with a more specific, narrower meaning than performance:

performance (noun)	bit (noun)
the act of performing; of doing something successfully; using knowledge as distinguished from merely possessing it	the cutting part of a drill; usually pointed and threaded and is replaceable in a brace or bitstock or drill press
the act of presenting a play or a piece of music or other entertainment	piece of metal held in horse's mouth by reins and used to control the horse while riding
any recognized accomplishment	the part of a key that enters a lock and lifts the tumblers
a dramatic or musical entertainment	a short performance that is part of a longer program
process or manner of functioning or operating	a small fragment
	an instance of some kind
	a small amount of solid food; a mouthful
	a small fragment of something broken off from the whole
	a unit of measurement of information (from binary + digit); the amount of information in a system having two equiprobable states
	a small piece or quantity of something
	an indefinitely short time