waterway vs body of water

waterway and body of water both are nouns.

Word	Noun	Adjective	Verb	Adverb
waterway	Yes	No	No	No
body of water	Yes	No	No	No

As nouns, body of water is a hypernym of waterway; that is, body of water is a word with a broader meaning than waterway:

waterway: a navigable body of water
body of water: the part of the earth's surface covered with water (such as a river or lake or ocean)

Other hypernyms of waterway include water.

waterway (noun)	body of water (noun)
a conduit through which water flows	the part of the earth's surface covered with water (such as a river or lake or ocean)
a navigable body of water