counterbalance vs cancel

counterbalance and cancel both are nouns.

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

As verbs, cancel is a hypernym of counterbalance; that is, cancel is a word with a broader meaning than counterbalance:

Other hypernyms of counterbalance include offset, set off.

counterbalance (noun)	cancel (noun)
a weight that balances another weight	a notation cancelling a previous sharp or flat
a compensating equivalent
equality of distribution

counterbalance (verb)	cancel (verb)
oppose and mitigate the effects of by contrary actions	make invalid for use
contrast with equal weight or force	remove or make invisible
adjust for	declare null and void; make ineffective
	postpone indefinitely or annul something that was scheduled
	make up for