cancel vs neutralize

cancel is a noun but neutralize is not a noun.

Word	Noun	Adjective	Verb	Adverb
cancel	Yes	No	Yes	No
neutralize	No	No	Yes	No

As verbs, neutralize is a hyponym of cancel; that is, neutralize is a word with a more specific, narrower meaning than cancel:

Other hyponyms of cancel include counteract, counterbalance, countervail.

cancel (noun)	neutralize (noun)
a notation cancelling a previous sharp or flat

cancel (verb)	neutralize (verb)
make invalid for use	make chemically neutral
remove or make invisible	make ineffective by counterbalancing the effect of
declare null and void; make ineffective	make incapable of military action
postpone indefinitely or annul something that was scheduled	get rid of (someone who may be a threat) by killing
make up for	make politically neutral and thus inoffensive
	oppose and mitigate the effects of by contrary actions