Answer:
Ovary is an organ of the female reproductive system which is involved in the production and releasing of an ovum or egg. From the ovaries, the egg is released into the Fallopian tube in the uterus.
Ovulation can be described as the process in which an egg is released from the ovary. It may or may not be fertilized after being released.
Similarities of the ovary and ovulation are that both refer to releasing of the egg.