To associate one version of a file with another or several more, simply drag the file and drop it on top of the other file it is versioned with. You can have as many versions of a file as you like.
Then when you click on an asset, you will see 2 blue buttons beneath the Manage Versions (#) and Compare Versions.
Click on the blue Manage Versions button and you will see the different files that have been associated together. You can drag and drop them to form a hierarchy and you can also remove them from the version list by clicking on the red bin to the right of the metadata.
Click on the blue Compare Versions button to review the 2 versions side by side. For video files, you can play them at the same time or on their own. You can also add annotations in this view.
Read more: Annotations