coconut milk vs coconut water

coconut milk and coconut water both are nouns.

Word	Noun	Adjective	Verb	Adverb
coconut milk	Yes	No	No	No
coconut water	Yes	No	No	No

As nouns, coconut milk and coconut water are synonyms defined as:

coconut milk and coconut water: clear to whitish fluid from within a fresh coconut

coconut milk (noun)	coconut water (noun)
clear to whitish fluid from within a fresh coconut	clear to whitish fluid from within a fresh coconut
white liquid obtained from compressing fresh coconut meat