balsam vs balm

balsam and balm both are nouns.

Word	Noun	Adjective	Verb	Adverb
balsam	Yes	No	No	No
balm	Yes	No	No	No

As nouns, balm is a hypernym of balsam; that is, balm is a word with a broader meaning than balsam:

balsam: an ointment containing a fragrant resin
balm: semisolid preparation (usually containing a medicine) applied externally as a remedy or for soothing an irritation

Other hypernyms of balsam include ointment, salve, unction, unguent.

As nouns, balm is a hyponym of balsam; that is, balm is a word with a more specific, narrower meaning than balsam:

balsam: any of various fragrant oleoresins used in medicines and perfumes
balm: any of various aromatic resinous substances used for healing and soothing

Other hyponyms of balsam include balsam of tolu, tolu, tolu balsam.

balsam (noun)	balm (noun)
an ointment containing a fragrant resin	semisolid preparation (usually containing a medicine) applied externally as a remedy or for soothing an irritation
any seed plant yielding balsam	any of various aromatic resinous substances used for healing and soothing
any of various fragrant oleoresins used in medicines and perfumes