"Joe couldn't keep with the other guys on the hike"
Márcio, this sounds odd to me. Without further context, I understand it to men "to remain with". But even that sounds strange. Did the other guys take HIKE A and he took HIKE B? Did the others camp in one place and he in another? If the speaker is making reference to speed on the same hike, he is doing a poor job of it.
"Joe couldn't keep up with the other guys..."?
In this sentence, the meaning is very clear. Joe was unable to maintain the faster speed of other other guys on the hike. The other guys hiked faster than he could, and he fell behind.
In answer to your question, the second sentence is does a much better job of expressing the idea that Joe could not hike at the higher speed of his companions.