paragram vs punning

paragram and punning both are nouns.

Word	Noun	Adjective	Verb	Adverb
paragram	Yes	No	No	No
punning	Yes	No	No	No

As nouns, punning is a hypernym of paragram; that is, punning is a word with a broader meaning than paragram:

paragram: a pun made by changing the letters of a word, especially the initial letter.
punning: a humorous play on words

Other hypernyms of paragram include paronomasia, pun, wordplay.

paragram (noun)	punning (noun)
a pun made by changing the letters of a word, especially the initial letter.	a humorous play on words