VBN is a microcap stock included in the Wilshire 5000 index. The following lists the actual returns on VBN and the Wilshire 5000 index for 6 recent years.

Year	VBN	Wilshire
20X1	-18.0%	13.0%
20X2	-10.0%	-8.0%
20X3	15.0%	1.0%
20X4	60.0%	32.0%
20X5	15.0%	27.0%
20X6	28.0%	13.0%

i) Calculate the covariance between the returns on VBN and the Wilshire 5000 index. ii) Does VBNs returns move with or against the returns on the Wilshire 5000? iii) Is VBN highly, moderately, or barely sensitive to fluctuations in the Wilshire 5000?

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