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Yes, covariance is playable

...and is worth 21 points.

Found in the following dictionaries

Enable (Words with friends)
SOWPODS (Collins Scrabble Words)
OTCWL2014 (NASPA Word List 2014)
TWL06 (NASPA List 2006)

"Covariance" Definition

noun

A statistical measure of the variance of two random variables that are observed or measured in the same mean time period. This measure is equal to the product of the deviations of corresponding values of the two variables from their respective means.
The expected value of the product of the deviations of two random variables from their respective means.
The arithmetic mean of the products of the deviations of corresponding values of two quantitative variables from their respective means.

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