Radial run-out will measure the same all along the main axis. Axial run-out is caused by the tool or component being at an angle to the axis. Axial run-out causes the tip of the tool (or shaft) to rotate off centre relative to the base. Axial run-out will vary according to how far from the base it is measured
Axial run-out is the result of a rotating component not being parallel with the axis, such as a drill chuck not holding the drill exactly in line with the axis. In general, cutting tools are less tolerant of axial run-out since the tool tip tends to dig in and further increase run-out. However, a shaft may be more tolerant of axial run-out since the centre of gravity is displaced less.
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https://en.wikipedia.org/wiki/Run-out