In this article
COVARIANCE.P measures how two complete data sets move together, dividing by n (COVARIANCE.S divides by n-1).
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Syntax
=COVARIANCE.P(array1, array2)| Argument | What it means |
|---|---|
array1, array2 |
Same-size ranges |
Examples
Example 1
=ROUND(COVARIANCE.P(INDEX($H$1:$L$3,A2,0),{1,2,3,4,5}),3)Result: 6. See the worked example table below for more cases.
COVARIANCE.P in practice
Where you will use it
- Covariance of two full years of monthly figures
- Portfolio maths on complete data
- Teaching
Worked example
| Case | Formula | Result |
|---|---|---|
| 1 | =ROUND(COVARIANCE.P(INDEX($H$1:$L$3,A2,0),{1,2,3,4,5}),3) | 6 |
| 2 | =ROUND(COVARIANCE.P(INDEX($H$1:$L$3,A3,0),{1,2,3,4,5}),3) | 1.2 |
| 3 | =ROUND(COVARIANCE.P(INDEX($H$1:$L$3,A4,0),{1,2,3,4,5}),3) | -4 |
Results calculated in Excel.
Mistakes people make
| Mistake | What to do instead |
|---|---|
| Sample data | Use COVARIANCE.S |
| Different sizes | #N/A |
Related functions
📚 Part of the free Excel course: Beginner → Expert · Try it in the Formula Lab or ask the AI Helper.
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