Both the covariance and the correlation coefficient measure the extent to which the returns on securities move

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Both the covariance and the correlation coefficient measure the extent to which the returns on securities move together. What is the relationship between the two statistical measures? Why is the correlation coefficient a more convenient measure?
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Fundamentals of Investments

ISBN: 978-0132926171

3rd edition

Authors: Gordon J. Alexander, William F. Sharpe, Jeffery V. Bailey

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