# Covariance The covariance of two assets is the standard deviations of the two assets multiplied by their correlation coefficient. Combinations of assets with low covariance to other assets will result in portfolios with lower levels of portfolio risk. Combinations of assets with high covariance to other assets will result in portfolios with higher levels of portfolio risk. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://wpahelp.windhamlabs.com/expected-risk/covariance.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.