sheepshearing vs festival

sheepshearing and festival both are nouns.

Word	Noun	Adjective	Verb	Adverb
sheepshearing	Yes	No	No	No
festival	Yes	No	No	No

As nouns, festival is a hypernym of sheepshearing; that is, festival is a word with a broader meaning than sheepshearing:

sheepshearing: a festival held at the time sheep are normally sheared
festival: an organized series of acts and performances (usually in one place)

Other hypernyms of sheepshearing include fete.

sheepshearing (noun)	festival (noun)
act of shearing sheep	an organized series of acts and performances (usually in one place)
a festival held at the time sheep are normally sheared	a day or period of time set aside for feasting and celebration
the time or season when sheep are sheared