effect vs significance

effect and significance both are nouns.

Word	Noun	Adjective	Verb	Adverb
effect	Yes	No	Yes	No
significance	Yes	No	No	No

As nouns, significance is a hypernym of effect; that is, significance is a word with a broader meaning than effect:

Other hypernyms of effect include import, meaning, signification.

effect (noun)	significance (noun)
an outward appearance	the quality of being significant
(of a law) having legal validity	a meaning that is not expressly stated but can be inferred
an impression (especially one that is artificial or contrived)	the message that is intended or expressed or signified
the central meaning or theme of a speech or literary work
a phenomenon that follows and is caused by some previous phenomenon
a symptom caused by an illness or a drug

effect (verb)	significance (verb)
produce
act so as to bring into existence