watermark vs marking

watermark and marking both are nouns.

Word	Noun	Adjective	Verb	Adverb
watermark	Yes	No	No	No
marking	Yes	No	No	No

As nouns, marking is a hypernym of watermark; that is, marking is a word with a broader meaning than watermark:

watermark: a distinguishing mark impressed on paper during manufacture; visible when paper is held up to the light
marking: a distinguishing symbol

Other hypernyms of watermark include mark, marker.

watermark (noun)	marking (noun)
a distinguishing mark impressed on paper during manufacture; visible when paper is held up to the light	evaluation of performance by assigning a grade or score
a line marking the level reached by a body of water	the act of making a visible mark on a surface
	a pattern of marks
	a distinguishing symbol