The definition, visualization and demonstration of a calculation of a covariance matrix in Excel. We discuss the three types of models, including historical, single-index and multi-factor. For investment and financial modeling of stocks and portfolios. Of course you can use the =COVARIANCE.S function or =CORREL but to truly learn investment modeling knowing this calculation is vital. https://factorpad.com/fin/glossary/covariance-matrix.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/