Assuming that $X, Y$ are standardized random variables, can we interpret value $|E[XY]|$ as a proportion of "common/shared" variance between $X$ and $Y$? If yes, then if $Z$ is a standardized random variable too, can we say the same about $|E[XYZ]|$?

I am assuming that the answer to the first question is "yes" and asking the second question as I have never seen anything like "triple" covariance and I wonder if it makes any sense.


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