neutralize vs cancel

neutralize is not a noun while cancel is a noun.

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

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

Other hypernyms of neutralize include offset, set off.

neutralize (noun)	cancel (noun)
	a notation cancelling a previous sharp or flat

neutralize (verb)	cancel (verb)
make chemically neutral	make invalid for use
make ineffective by counterbalancing the effect of	remove or make invisible
make incapable of military action	declare null and void; make ineffective
get rid of (someone who may be a threat) by killing	postpone indefinitely or annul something that was scheduled
make politically neutral and thus inoffensive	make up for
oppose and mitigate the effects of by contrary actions