5. For cells C34:L43, insert formulas to complete the correlation matrix-a combination of absolute and mixed cell references can allow you to copy the formulas throughout the matrix, however, this is not necessary. 6. For cells C47:L56, insert formulas to complete the covariance matrix. We'll use these to calculate the portfolio variance. 5. For cells C34:L43, insert formulas to complete the correlation matrix-a combination of absolute and mixed cell references can allow you to copy the formulas throughout the matrix, however, this is not necessary. 6. For cells C47:L56, insert formulas to complete the covariance matrix. We'll use these to calculate the portfolio variance