The degree to which two variables are correlated. That is, covariance is the measure of how much two variables are related to one another. It is important in security analysis to determine how much or how little price movements in two companies or industries are connected.
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Blizzard Entertainment is headquartered in Irvine and is the eighth largest employer in the city. However, you'll probably know it from its world famous video games: World of Warcraft, Diablo, and StarCraft. Not too shabby.