Distinguish, differentiate, compare and explain what is the Difference between Covariance and Correlation. Comparison and Differences.
Difference between Covariance and Correlation
Correlation is the standardized form of covariance.
Covariances are difficult to compare. For example: if we calculate the covariances of salary ($) and age (years), we’ll get different covariances which can’t be compared because of having unequal scales. To combat such situation, we calculate correlation to get a value between -1 and 1, irrespective of their respective scale.