Which of the following statements accurately describes the role of correlation in measuring risk in finance?

A$.$ Correlation measures the absolute risk of individual investments and ranges from $-1$ to $+1.$

B$.$ Correlation is a measure of the degree to which returns of two investments share common risks

and ranges from $-1$ to $+1.$

C$.$ Correlation indicates the total risk of a portfolio and ranges from $0$ to $100\%.$

D$.$ Correlation assesses the likelihood of investment losses and ranges from $0$ to $1.$