This depends on a lot of factors, for one thing, a large raindrop can outrun a small hailstone. However, even smallish hailstones can grow to a far larger size than the typical raindrop.  Then again, hailstones have a lower density than raindrops.  But as a general rule a hailstone will fall faster than a raindrop of about the same size and mass. The reason is that a hailstone is fairly rigid, while a raindrop wobbles violently in passing through the air if it is more than about 2mm in diameter. In fact, if it grows to 5mm in diameter it is likely wobble hard enough to split itself. In effect its own slipstream tears it apart.

That wobbling not only distorts the droplet and spoils its streamlining, it also consumes energy; water doesn't wobble of its own accord. That energy comes from the potential energy of the falling droplet, and the part consumed by the wobbling cannot contribute to the acceleration. This has a braking effect on the raindrop, whereas the hailstone tends rather to assume a stable attitude and fall fairly smoothly.

And faster, right?

Cheers,

Jon

This question is a critical question and has to be answered after a deep thought and corelating it with the laws of physics. According to Galileo, a light and heavy body will fall on the surface of the ground at same time if dropped from same height.

So, in this question, hail and rain water are compared. Using the law of Galileo and other laws set by Newton, I am concluding that the hail and rainwater will fall at same time. As the word FAST indicates the speed. And speed means the distance covered in unit time, since for both cases, the distance and time remains same, speed will remain same and acceleration will remain same for both. Both will fall with same speed.