hair-raiser vs excitement

hair-raiser and excitement both are nouns.

Word	Noun	Adjective	Verb	Adverb
hair-raiser	Yes	No	No	No
excitement	Yes	No	No	No

As nouns, excitement is a hypernym of hair-raiser; that is, excitement is a word with a broader meaning than hair-raiser:

hair-raiser: excitation that makes your hair stand up or that chills your bones
excitement: something that agitates and arouses

Other hypernyms of hair-raiser include excitation.

hair-raiser (noun)	excitement (noun)
excitation that makes your hair stand up or that chills your bones	something that agitates and arouses
	disturbance usually in protest
	the feeling of lively and cheerful joy
	the state of being emotionally aroused and worked up