hazard vs even chance

hazard and even chance both are nouns.

Word	Noun	Adjective	Verb	Adverb
hazard	Yes	No	Yes	No
even chance	Yes	No	No	No

As nouns, even chance is a hyponym of hazard; that is, even chance is a word with a more specific, narrower meaning than hazard:

hazard: an unknown and unpredictable phenomenon that causes an event to result one way rather than another
even chance: an unpredictable phenomenon

Other hyponyms of hazard include bad luck, mischance, mishap, toss-up, tossup.

hazard (noun)	even chance (noun)
an obstacle on a golf course	an unpredictable phenomenon
an unknown and unpredictable phenomenon that causes an event to result one way rather than another
a source of danger; a possibility of incurring loss or misfortune

hazard (verb)	even chance (verb)
put forward, of a guess, in spite of possible refutation
take a risk in the hope of a favorable outcome
put at risk