whitey vs Caucasian

whitey and Caucasian both are nouns.

Word	Noun	Adjective	Verb	Adverb
whitey	Yes	No	No	No
Caucasian	Yes	Yes	No	No

As nouns, Caucasian is a hypernym of whitey; that is, Caucasian is a word with a broader meaning than whitey:

whitey: (slang) offensive names for a White man
Caucasian: a person of European descent with a light-skinned or pale complexion

Other hypernyms of whitey include White, White person.

whitey (noun)	Caucasian (noun)
(slang) offensive names for a White man	a number of languages spoken in the Caucasus that are unrelated to languages spoken elsewhere
	a person of European descent with a light-skinned or pale complexion

whitey (adjective)	Caucasian (adjective)
	of or relating to the geographical region of Caucasia
	of or relating to Caucasian people