There is not more speed difference between hide()/show vs addclass()/removeclass.But in performance wise instead of jquery hide()/show() that addclass()/removeclass will be better.
Also,Using hide()/show() would arguably be faster to implement since it requires writing less code.
Example
// 100000 iterations
$("p").hide()/$("p").show(): 6136ms
$("p").css({display:"none"})/$("p").css({display:""}): 4617ms
// cached: $p = $("p")
$p.hide()/$p.show(): 4056ms
$p.css({display:"none"})/$p.css({display:""}): 2745ms
Credit : http://www.quora.com/What-are-the-speed-differences-between-jQuery-hide-show-and-addClass-removeClass