Yes, covariance and correlation can be calculated using MS Excel. The first step is to enter the data into the Excel sheet in clearly labeled columns. Then, you can choose either of the following options: 1. Use Function Codes: The function code for covariance is =covar(array1,array2) and that for correlation is =correl(array1,array2) 2. Use Toolpak Method: Under the Data tab, click on Data Analysis and choose the desired calculation.