Put "unfounded" before belief and I think you've got it. If you believe that one race (not necessarily your own) is taller, stronger, faster or smarter than another and can back it up with hard data and statistics, then it is not racism-- it is simply stating a demonstrable fact. When you simply believe this as the foundation of your world view, then it is.
My personal definition of racism, as distinct from prejudice or bigotry, is "the desire to harm or otherwise disadvantage others on the basis of race".
I would also define "hate" as needing an element of "desire to harm", rather than the current usage which regards a simple lack of desire to associate with members of a group as "hate".
I'm not willing to put that fine a point on it. I've always seen racism as a feeling of general superiority or inferiority as the case may be.