A compound joins two whole words; a portmanteau fuses them and loses material in the process. 'Bookshop' keeps both. 'Brunch' keeps neither — and the missing letters are what makes it one word rather than two.
Side by side
Aspect
Portmanteau
Compound
Words survive intact
No
Yes
Material lost
Yes
No
Example
smog
bookshop
Linguists' term
Blend
Compound
What each one means
Portmanteau
A word made by fusing two others so their meanings pack together — brunch, smog, motel, podcast. The name is literal: a portmanteau is a travelling case that opens into two equal halves, which is why Lewis Carroll reached for it when he had Humpty Dumpty explain that two meanings were 'packed up into one word'.