# Interpretation of $|cor(X,Y)|$ as a common variance and generalisation to a bigger number of variables

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.