chancellor vs school principal

chancellor and school principal both are nouns.

Word	Noun	Adjective	Verb	Adverb
chancellor	Yes	No	No	No
school principal	Yes	No	No	No

As nouns, school principal is a hypernym of chancellor; that is, school principal is a word with a broader meaning than chancellor:

Other hypernyms of chancellor include head, head teacher, principal.

chancellor (noun)	school principal (noun)
the person who is head of government (in several countries)	the educator who has executive authority for a school
the honorary or titular head of a university