handicap vs obstacle

handicap and obstacle both are nouns.

Word	Noun	Adjective	Verb	Adverb
handicap	Yes	No	Yes	No
obstacle	Yes	No	No	No

As nouns, obstacle is a hyponym of handicap; that is, obstacle is a word with a more specific, narrower meaning than handicap:

handicap: something immaterial that interferes with or delays action or progress
obstacle: something immaterial that stands in the way and must be circumvented or surmounted

Other hyponyms of handicap include albatross, millstone, bind, diriment impediment, drag, obstruction, straitjacket.

handicap (noun)	obstacle (noun)
advantage given to a competitor to equalize chances of winning	an obstruction that stands in the way (and must be removed or surmounted or circumvented)
something immaterial that interferes with or delays action or progress	something immaterial that stands in the way and must be circumvented or surmounted
the condition of being unable to perform as a consequence of physical or mental unfitness

handicap (verb)	obstacle (verb)
injure permanently
put at a disadvantage
attempt to forecast the winner (especially in a horse race) and assign odds for or against a contestant