The definition, visualization and demonstration of a calculation of covariance in Excel. Including =AVERAGE function, =SUM function and =SQRT. For investment and financial modeling of stocks and portfolios. Of course you can use the =COVARIANCE.P function or =CORREL but to truly learn investment modeling knowing this calculation is vital. https://factorpad.com/fin/glossary/covariance.html Topics covered in our investment glossary: Excel tutorial, Python examples, portfolio theory, portfolio return, portfolio risk, correlation, regression, linear algebra, alpha signal, risk models, performance attribution. Glossary: https://factorpad.com/fin/glossary/index.html Innovators https://factorpad.com/fin/innovators/index.html https://factorpad.com/