Can you have TWO color variations for the same single product?

I sell a product that consists of two main parts (top and bottom), and each part can be one of 5 colors (red, white, black, royal, navy).

For example, I can have a product that is red on top with the following combos where the bottom part’s color changes (red & white, red & black, red & royal, red & red, red & navy).

I can then have another product that is royal blue on top and can have these variations: (royal & white, royal & black, royal & royal, royal & red, royal & navy).

Is this possible to setup as variations under one parent product? I’m trying but don’t see a way to do it. I am a complete newbie so may be missing something.