Both of these states are linked to the body and the mind but are often confused and intermixed.
In easier words trance could be seen as the state when you were in a car ride looking out the window enjoying the scenery but were lost in your imagination day dreaming thus not remembering most part of the journey . Briefly a trance is a deep state of relaxation and comfort when you’re more absorbed in your imagination rather than the immediacy of your environment but this doesn’t means that you’re clearly unaware of your environment. While in the state of trance your conscious part of your mind set backs and rests for a while and the less judgemental and less critical part the subconscious comes into working. During this stage the individual sleeps while remaining subconsciously aware resulting in lower levels of brain wave activities and increased activity in certain areas of brain such as Default Mode network ( a region involved in self reflection and day dreaming) thus helping in promoting a more relaxed state of consciousness. On the contrary while sleeping an individual looses his ability to be consciously aware about his surroundings or their thoughts and if we talk about the time duration a person spends more time sleeping then being in trance which is a state that is consciously induced but sleep occurs naturally and the content of dreams during sleep is mostly driven by the unconscious mind in the form of unfulfilled desires or wishes.