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Which of the following statements regarding the covariance of rates of return is least accurate? A. It is a measure of the degree to which two variables move together over time. B. If the covariance is not positive, the rates of return on two investments will always move in different directions relative to their means. C. If two variables have a negative covariance, this implies that, on average, when one goes up in value, the other goes down in value. D. It is not a very useful measure of the strength of the relationship, there is absent information about the volatility of the two variables. |