pennant vs award

pennant and award both are nouns.

Word	Noun	Adjective	Verb	Adverb
pennant	Yes	No	No	No
award	Yes	No	Yes	No

As nouns, award is a hypernym of pennant; that is, award is a word with a broader meaning than pennant:

Other hypernyms of pennant include accolade, honor, honour, laurels.

pennant (noun)	award (noun)
a long flag; often tapering	a grant made by a law court
a flag longer than it is wide (and often tapering)	a tangible symbol signifying approval or distinction
the award given to the champion	something given for victory or superiority in a contest or competition or for winning a lottery

pennant (verb)	award (verb)
	give, especially as an honor or reward
	give as judged due or on the basis of merit