covariancePronunciation: /kəʊˈvɛːrɪəns/Definition of covariance noun 1 [mass noun] Mathematics the property of a function of retaining its form when the variables are linearly transformed. 2 Statistics the mean value of the product of the deviations of two variates from their respective means. covariance in other Oxford dictionaries Definition of covariance in the US English dictionary