fairy vs gay

fairy and gay both are nouns.

Word	Noun	Adjective	Verb	Adverb
fairy	Yes	No	No	No
gay	Yes	Yes	No	No

As nouns, gay is a hypernym of fairy; that is, gay is a word with a broader meaning than fairy:

Other hypernyms of fairy include homo, homophile, homosexual.

fairy (noun)	gay (noun)
a small being, human in form, playful and having magical powers	someone who is sexually attracted to persons of the same sex
offensive term for a homosexual man

fairy (adjective)	gay (adjective)
	bright and pleasant; promoting a feeling of cheer
	brightly colored and showy
	homosexual or arousing homosexual desires
	given to social pleasures often including dissipation
	offering fun and gaiety
	full of or showing high-spirited merriment