significance vs effect

significance and effect both are nouns.

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

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

significance (noun)	effect (noun)
the quality of being significant	an outward appearance
a meaning that is not expressly stated but can be inferred	(of a law) having legal validity
the message that is intended or expressed or signified	an impression (especially one that is artificial or contrived)
	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

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