Covariance measures how two variables are related to each other and how one would vary with respect to changes in the other variable. If the value is positive it means there is a direct relationship between the variables and one would increase or decrease with an increase or decrease in the base variable respectively, given that all other conditions remain constant.

Correlation quantifies the relationship between two random variables and has only three specific values, i.e., 1, 0, and -1.

1 denotes a positive relationship, -1 denotes a negative relationship, and 0 denotes that the two variables are independent of each other.