The degree to which two variables are correlated. That is, covariance is the measure of how much two variables are related to one another. It is important in security analysis to determine how much or how little price movements in two companies or industries are connected.
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ESL, originally Electronic Sports League, is an eSports company which organizes competitions world-wide. ESL is the largest video game event company in the world, and the oldest professional esports organization that is still operational. Based in Cologne, Germany, ESL has eleven offices and multiple international TV studios globally. ESL is the largest eSports company to broadcast on Twitch.