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QUICK ANSWER
"Ay" is a form of "ay", an interjection which is often translated as "ow". "¡Caray!" is an interjection which is often translated as "Wow!". Learn more about the difference between "ay" and "¡Caray!" below.
ay(
ay
)An interjection is a short utterance that expresses emotion, hesitation, or protest (e.g., Wow!).
b. jeez (colloquial)
A word or phrase that is commonly used in conversational speech (e.g., skinny, grandma).
¡Ay! Me asustaste.Jeez! You scared me.
A masculine noun is used with masculine articles and adjectives (e.g., el hombre guapo, el sol amarillo).
¡Caray!(
kah
-
ray
)An interjection is a short utterance that expresses emotion, hesitation, or protest (e.g., Wow!).
a. Wow!
¡Caray! Esta es la mejor pizza que he probado en mi vida.Wow! This is the best pizza I've ever tried.
b. Good heavens!
Luciana, ¿eres tú? ¡Caray! Te ves tan diferente.Luciana, is that you? Good heavens! You look so different.