What is meant by the the Umrah in Ramadan being equivalent to a Hajj?

The virtue of Umrah in Ramadan is established by the saying of the Prophet ﷺ: "When Ramadan comes, perform Umrah, for Umrah therein is equivalent to Hajj," or "Hajj with me." Scholars have differed regarding who attains this virtue: whether it is specific to the addressed woman, or to one who is unable to perform Hajj and intended it, or whether it is general for everyone performing Umrah in Ramadan. The most likely view is that it is general for all people, due to the narration of the hadith by many Companions and the practice of people throughout the ages. As for the meaning of "is equivalent to Hajj," it does not mean that it suffices for the obligatory Hajj, but rather the intention is to liken it to Hajj in terms of the quantity of reward and recompense, not the quality or type, for Hajj is superior to Umrah in the category of action itself.