literary study vs arts

literary study and arts both are nouns.

Word	Noun	Adjective	Verb	Adverb
literary study	Yes	No	No	No
arts	Yes	No	No	No

As nouns, arts is a hypernym of literary study; that is, arts is a word with a broader meaning than literary study:

literary study: the humanistic study of literature
arts: studies intended to provide general knowledge and intellectual skills (rather than occupational or professional skills)

Other hypernyms of literary study include humanistic discipline, humanities, liberal arts.

literary study (noun)	arts (noun)
the humanistic study of literature	studies intended to provide general knowledge and intellectual skills (rather than occupational or professional skills)