It represents a demon's ability to keep awareness and control of large quantities of matter, determining a demon's maximum size (actually its maximum mass - a demon can be large and very porous or small and dense).
One might expect coevalance to have some effect on intelligence, but it doesn't seem to. A demon with high coevalence can be very aware and observant, being able to keep a range of manufactured senses working at once.
'Coevalence' is not a typo.