shrinkwrap vs wrap up

shrinkwrap and wrap up both are verbs.

Word	Noun	Adjective	Verb	Adverb
shrinkwrap	No	No	Yes	No
wrap up	No	No	Yes	No

As verbs, wrap up is a hypernym of shrinkwrap; that is, wrap up is a word with a broader meaning than shrinkwrap:

shrinkwrap: wrap something tightly with heated plastic that shrinks upon cooling
wrap up: arrange or fold as a cover or protection

Other hypernyms of shrinkwrap include wrap.

shrinkwrap (verb)	wrap up (verb)
wrap something tightly with heated plastic that shrinks upon cooling	clothe, as if for protection from the elements
	form a cylinder by rolling
	finish a task completely
	arrange or fold as a cover or protection