Given below are two statements :
Statement I : Covariance between two variables X and Y determines whether the correlation between them is negative or positive.
Statement II : The product of the standard deviation of two variables X and Y can be both positive or negative.
In light of the above statements, choose the most appropriate answer from the options given below
1
Both Statement I and Statement II are correct
2
Both Statement I and Statement II are incorrect
3
Statement I is correct but Statement II is incorrect
4
Statement I is incorrect but Statement II is correct