Understanding Covariance

Correlation and covariance are essential concepts in statistics that measure how two assets move in relation to each other. The correlation coefficient, denoted as $ ho$, ranges from -1 to +1, where $ ho = 1$ indicates a perfect positive correlation, $ ho = -1$ indicates a perfect negative correlation, and $ ho = 0$ indicates no correlation. If two variables have a positive covariance, it implies that they tend to move in the same direction.

What do we call the statistical measure that indicates the degree to which two variables move in relation to each other?