Ibn Abbas (رضي الله عنهما) reported that the Messenger of Allah ﷺ said to an Ansari woman:

“Perform Umrah when Ramadan comes, for Umrah in Ramadan is equal to Hajj.”

Source: Sahih al-Bukhari 1782.

Another authentic narration mentions that it is equivalent to performing Hajj with the Prophet ﷺ. However, this does not mean that Ramadan Umrah fulfills the obligatory Hajj.