I have the following bitwise expression and was wondering if it could be simplified or if there is a general way of interpreting the output.
(x & y) | (~x & ~y) The only "simpler" version is ~(x^y) (where ^ is the XOR operator).
However, It's not going to make a significant difference computationally, and is harder to read for most people (XOR is not as natural as AND and OR). There's not a simpler version using just AND and OR operators, so I would suggest you just leave it as-is.
if there is a general way of interpreting the output.
"Either both are true or both are false" is a natural interpretation.
NOT(XOR(x, y))