Both moves actually have the same knockback angle; the Sakurai angle (
http://www.ssbwiki.com/Sakurai_angle). Internally, for the purposes of having a numerical angle attached to a hitbox, it's 361°, but the actual knockback angle changes based on various factors.
The way the Sakurai angle works is: against aerial opponents, the launch angle is always 45°, while against grounded opponents, the angle varies depending on the knockback dealt. At 32.1 units of knockback or higher, the launch angle is 44°, while at 32 units or below, the angle is a semi-spike (the wiki gives 0° as the angle for this, which I don't understand since that would be completely vertical; maybe they're mixing normal angle notation where 0° is north with the Melee .dat file notation where 0° is west). Between 32 and 32.1, the launch angle is scaled linearly between the semi-spike and 44° angle.
Since both attacks have knockback values of well over 32.1 units even at 0%, I think the launch angle of both moves can safely be thought of as being 45° in all circumstances (the semi-spike will never occur, and the one degree difference on grounded opponents is insignificant).
Neither aerial has higher knockback than the other in all circumstances, as there are multiple move properties that affect knockback and the properties are influenced by percentage in different ways. The differences are that forward aerial has higher base knockback than down aerial, while down aerial has higher damage than forward aerial (they both have the same knockback scaling). The result is that the knockback of dair overtakes the knockback of fair at roughly 60-90%, depending on character (I didn't check this at all thoroughly, so the figure is very rough). An example is below (values are on Fox, and rounded to the nearest integer):
At 0%, forward aerial does 76 units of knockback, while down aerial does 61 units of knockback
At 30%, forward aerial 109, down aerial 105
At 60%, forward aerial 143, down aerial 149 (dair already deals more knockback here)
At 90%, forward aerial 177, down aerial 192
At 120%, forward aerial 211, down aerial 236
At 150%, forward aerial 244, down aerial 280
At 999%, forward aerial 1206, down aerial 1516 (you can see how the proportional difference increases with percentage)
The tool I used to find the launch angles was
Master Hand, which is what the Project M Back Room used to port character data from Melee for Project M.
On a different note: a forward smash only comes out one frame later than a frame-perfect jump->forward aerial and comes out 2 frames earlier than a frame-perfect jump->down aerial. An uncharged forward smash always does more knockback than a down aerial and starts doing more than a forward aerial at low percentages (approximately 30%; I didn't bother to check properly). The extremely vertical angle that forward smash sends at makes it more situational until high percentages, however. I'm trying to experiment with using forward smash as a combo finisher; you can set up for it in a lot of the same circumstances you can set up for up-B sweetspot or fair/dair.
Also the tool I used to determine knockback values is here:
http://smashboards.com/threads/tool...n-hitlag-shieldstun-calculation-v1-11.324878/
[I'd also like to mention that I finished typing all of this out and then accidentally hit Ctrl+W and lost it all. Apparently drafts are discarded if you close the window.]
Edit: I'm pretty sure that either aerial could appear to have a more horizontal angle when they are used a lower percentages, since the opponent would start to fall very soon after getting hit.
tl;dr: The launch angles for fair and dair are the same Also fair has more knockback at lower percentages while dair has more at higher percentages.