Definition:– Covariance measures how two variables change together.– Correlation quantifies the strength and direction of their linear relationship.
Scale Independence:– Covariance depends on variable units and lacks standardization.– Correlation is scale-independent and standardized between -1 and 1.
Interpretability:– Covariance's magnitude lacks clear interpretation.– Correlation values have a clear interpretation (-1 to 1).
Range of Values:– Covariance has no specific value range.– Correlation is bounded between -1 and 1.
Use Cases:– Covariance is less commonly used due to scale-dependence.– Correlation is widely used for comparing and assessing linear relationships.
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