joviality vs gaiety

joviality and gaiety both are nouns.

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

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

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

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