Pearson-Product Moment Correlation Coefficient (r) C O Vx y = A measure of the relation b etween x and y, but is not standardized To standardize , we divide the covariance by the size of the standard deviations!iven that the maximum value of the c ovariance is "lus or minus the "roduct of the variance of x and the variance of y, it follows that the limits on t he correlation coefficient are # or $ %& rC O Vs s x y x y =