frivolity vs folly

frivolity and folly both are nouns.

Word	Noun	Adjective	Verb	Adverb
frivolity	Yes	No	No	No
folly	Yes	No	No	No

As nouns, folly is a hypernym of frivolity; that is, folly is a word with a broader meaning than frivolity:

Other hypernyms of frivolity include craziness, foolery, indulgence, lunacy, tomfoolery.

frivolity (noun)	folly (noun)
acting like a clown or buffoon	foolish or senseless behavior
something of little value or significance	a stupid mistake
the trait of being frivolous; not serious or sensible	the trait of acting stupidly or rashly
	the quality of being rash and foolish