Aside from obfuscating your intent and taking more than one instruction, no.
If you want to be 100% sure, feed your query into an SMT solver that can understand bitvectors and binary operators, like Z3. It'll prove whether or not the statements are equal (spoiler: they are); An online repl is here.
x = BitVec('x', 32)
prove(x & 0xFFFF0000 == ((x >> 16) << 16))