jollity vs gaiety

jollity and gaiety both are nouns.

Word	Noun	Adjective	Verb	Adverb
jollity	Yes	No	No	No
gaiety	Yes	No	No	No

As nouns, gaiety is a hypernym of jollity; that is, gaiety is a word with a broader meaning than jollity:

Other hypernyms of jollity include merriment, amiability, good humor, good humour, good temper.

jollity (noun)	gaiety (noun)
feeling jolly and jovial and full of good humor	a gay feeling
	a festive merry feeling