formulate vs hypothesize

formulate and hypothesize both are verbs.

Word	Noun	Adjective	Verb	Adverb
formulate	No	No	Yes	No
hypothesize	No	No	Yes	No

As verbs, hypothesize is a hypernym of formulate; that is, hypothesize is a word with a broader meaning than formulate:

Other hypernyms of formulate include conjecture, hypothecate, hypothesise, speculate, suppose, theorise, theorize.

formulate (verb)	hypothesize (verb)
put into words or an expression	to believe especially on uncertain or tentative grounds
elaborate, as of theories and hypotheses
come up with (an idea, plan, explanation, theory, or principle) after a mental effort
prepare according to a formula