Eigenvalues of Grammian matrix

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If we have a set of vectors $\{ \vec{v}_i\}$, then the corresponding Grammian matrix has entries which are inner products of the different vectors in the set. The Grammian matrix is always Hermitian, and positive semi-definite. I have two questions about the eigenvalues, which are possibly a bit too open-ended:

  1. A zero eigenvalue signifies a linear dependence relationship between the vectors. Is there an interpretation about non-zero eigenvalues? In particular, is there a notion of "larger" independence? If yes, is this somehow connected to the magnitude of the eigenvalues (assuming that the vectors are normalized to begin with)?
  2. Is it possible for the Grammian matrix to have degenerate eigenvalues? If yes, does the degeneracy have an interpretation in terms of the original vectors? Thank you for the help!
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  1. Yes, take a basis of orthonormal vectors. Then the Grammian matrix is the identity matrix.