dream vs phantasy

dream and phantasy both are nouns.

Word	Noun	Adjective	Verb	Adverb
dream	Yes	No	Yes	No
phantasy	Yes	No	No	No

As nouns, phantasy is a hypernym of dream; that is, phantasy is a word with a broader meaning than dream:

Other hypernyms of dream include fantasy.

dream (noun)	phantasy (noun)
a series of mental images and emotions occurring during sleep	imagination unrestricted by reality
imaginative thoughts indulged in while awake	something many people believe that is false
a fantastic but vain hope (from fantasies induced by the opium pipe)	fiction with a large amount of imagination in it
a state of mind characterized by abstraction and release from reality
a cherished desire
someone or something wonderful

dream (verb)	phantasy (verb)
have a daydream; indulge in a fantasy
experience while sleeping