smart set vs elite group

smart set and elite group both are nouns.

Word	Noun	Adjective	Verb	Adverb
smart set	Yes	No	No	No
elite group	Yes	No	No	No

As nouns, elite group is a hypernym of smart set; that is, elite group is a word with a broader meaning than smart set:

smart set: the fashionable elite
elite group: a group or class of persons enjoying superior intellectual or social or economic status

Other hypernyms of smart set include elite.

smart set (noun)	elite group (noun)
the fashionable elite	a group or class of persons enjoying superior intellectual or social or economic status