The relationship would be that 1/4 ÷ 4 and 1/4 × 1/4 are the same.
This is because, if you were going to work out 1/4 ÷ 4, you would start with writing it as 1/4 ÷ 4/1.
Then, the rule for dividing fractions is you flip the second fraction and change the divide sign to a multiply sign, so that gives you 1/4 × 1/4.
I hope this helps!