even out vs counterbalance

even out is not a noun while counterbalance is a noun.

Word	Noun	Adjective	Verb	Adverb
even out	No	No	Yes	No
counterbalance	Yes	No	Yes	No

As verbs, even out and counterbalance are synonyms defined as:

Other synonyms of even out include compensate, correct, even off, even up, make up.

even out (noun)	counterbalance (noun)
	a weight that balances another weight
	a compensating equivalent
	equality of distribution

even out (verb)	counterbalance (verb)
make even or more even	oppose and mitigate the effects of by contrary actions
become even or more even	contrast with equal weight or force
make level or straight	adjust for
adjust for