effigy vs wax figure

effigy and wax figure both are nouns.

Word	Noun	Adjective	Verb	Adverb
effigy	Yes	No	No	No
wax figure	Yes	No	No	No

As nouns, wax figure is a hyponym of effigy; that is, wax figure is a word with a more specific, narrower meaning than effigy:

Other hyponyms of effigy include Guy, god, graven image, idol, bird-scarer, scarecrow, scarer, straw man, strawman, waxwork, close-up.

effigy (noun)	wax figure (noun)
a representation of a person (especially in the form of sculpture)	an effigy (usually of a famous person) made of wax