We derive a formula that relates the spike-triggered covariance (STC) to the phase resetting curve (PRC) of a neural oscillator. We use this to show how changes in the shape of the PRC alter the sensitivity of the neuron to different stimulus features, which are the eigenvectors of the STC. We compute the PRC and STC for some biophysical models. We compare the STCs and their spectral properties for a two-parameter family of PRCs. Surprisingly, the skew of the PRC has a larger effect on the spectrum and shape of the STC than does the bimodality of the PRC (which plays a large role in synchronization properties). Finally, we relate the STC directly to the spike-triggered average and apply this theory to an olfactory bulb mitral cell recording.