The extent of phenotype and genotype variances, traits correlation and Principal components were investigated in F1 inter-varietal hybrid cotton. The F1 crosses were evaluated alongside their F2s, the eight involved parents and a single standard check. All the hybrids demonstrated positive and significant Relative Heterosis and Heterobeltiosis for sympodial branches and seed cotton yield per plant. Cross IV recorded the highest value for inbreeding depression of 61.7% in Seed cotton yield per plant. Days to first bursting recorded high heritability in narrow sense in IV while number of seeds per boll had same in Cross I. Cross I also recorded high genetic advance for Plant height, number of seeds per boll, seed cotton yield per plant, lint index, number of sympodia per plant and bundle strength, suggesting the effects of additive and dominant genes and absence of epistasis. Meanwhile, 87% of the accumulative variability was accounted for by the principal component 1, 2 and 3; the variability was mostly associated with plant height, seed cotton yield per plant, number of monopodia per plant, days to 50% flowering and bolls weight. The results revealed adequate genetic variability which can be exploited in a selection program for the traits. The positive and significant heterobeltiosis and standard heterosis exhibited in the F1 hybrids can be harnessed for commercial purposes after further evaluation.