sailing ship vs watercraft

sailing ship and watercraft both are nouns.

Word	Noun	Adjective	Verb	Adverb
sailing ship	Yes	No	No	No
watercraft	Yes	No	No	No

As nouns, watercraft is a hypernym of sailing ship; that is, watercraft is a word with a broader meaning than sailing ship:

sailing ship: a vessel that is powered by the wind; often having several masts
watercraft: a craft designed for water transportation

Other hypernyms of sailing ship include vessel.

sailing ship (noun)	watercraft (noun)
a vessel that is powered by the wind; often having several masts	a craft designed for water transportation
	skill in the management of boats