gay vs fairy

gay and fairy both are nouns.

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

As nouns, fairy is a hyponym of gay; that is, fairy is a word with a more specific, narrower meaning than gay:

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

gay (adjective)	fairy (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