budgie vs paraquet

budgie and paraquet both are nouns.

Word	Noun	Adjective	Verb	Adverb
budgie	Yes	No	No	No
paraquet	Yes	No	No	No

As nouns, paraquet is a hypernym of budgie; that is, paraquet is a word with a broader meaning than budgie:

budgie: small Australian parakeet usually light green with black and yellow markings in the wild but bred in many colors
paraquet: any of numerous small slender long-tailed parrots

Other hypernyms of budgie include parakeet, paroquet, parrakeet, parroket, parroquet.

budgie (noun)	paraquet (noun)
small Australian parakeet usually light green with black and yellow markings in the wild but bred in many colors	any of numerous small slender long-tailed parrots