Covariance can vary between -∞ and +∞ whereas Correlation ranges between -1 and +1Review LaterTrueFalse

The statement is true.

1. Covariance measures the degree to which two variables change together. It can take any value from negative infinity to positive infinity (i.e., it has no upper or lower bounds).

2. Correlation, on the other hand, is a standardized measure of the relationship between two variables. It provides a value that ranges from -1 to +1. A correlation of -1 indicates a perfect negative relationship, 1 indicates a perfect positive relationship, and 0 indicates no relationship.

Thus, the assertion in the statement correctly describes the ranges of covariance and correlation.