It corresponds to equality in Boolean algebra and to the logical biconditional in propositional calculus.
It is customary practice in various applications, if not always technically precise, to indicate the operation of logical equality on the logical operands x and y by any of the following forms: Some logicians, however, draw a firm distinction between a functional form, like those in the left column, which they interpret as an application of a function to a pair of arguments — and thus a mere indication that the value of the compound expression depends on the values of the component expressions — and an equational form, like those in the right column, which they interpret as an assertion that the arguments have equal values, in other words, that the functional value of the compound expression is true.
Naturally, these variations in usage have caused some failures to communicate between mathematicians and switching engineers over the years.
At any rate, one has the following array of corresponding forms for the symbols associated with logical inequality: This explains why "EQ" is often called "XNOR" in the combinational logic of circuit engineers, since it is the negation of the XOR operation; "NXOR" is a less commonly used alternative.
[1] Another rationalization of the admittedly circuitous name "XNOR" is that one begins with the "both false" operator NOR and then adds the eXception "or both true".