COVARIANCE.S Function in Excel: Do Two Series Move Together?

⏱ 1 min readUpdated 28 September 2026

StatisticsLevel: ExpertAvailable in: Excel 2010+

In this article
  1. Syntax
  2. Examples
  3. Example 1
  4. Related functions

COVARIANCE.S measures whether two variables rise and fall together. Its size depends on units, so CORREL is easier to read.

Syntax

=COVARIANCE.S(array1, array2)
Argument What it means
array1, array2 Same length.

Examples

Example 1

=COVARIANCE.S(B2:B61, C2:C61)

Covariance of two share returns, used in portfolio risk.

CORREL · VAR.S

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