Combined active-passive remote sensing has the potential for capturing the relative advantage of each sensing approach in geophysical retrievals. One cornerstone of combined active-passive microwave sensing is the modeling of the covariation of active and passive signals, which arise from equivalent sensitivities of both sensor types to changes in geophysical properties. In this research contribution, we propose a physics-based active-passive combination of active and passive microwave observations based on Kirchhoff's law of energy conservation. This allows establishing a physics-based forward model as well as a fully data-driven, single-pass retrieval methodology for active-passive microwave covariation. The forward model and the retrieval approach are adaptable to different sensor characteristics (incidence angle, frequency & polarization). The theoretical (forward model) as well as applied (retrieval method) physics-based covariation framework is tested with SMAP (LL) and SMAP/Sentinel-1 (LC) data to reveal potentials and constraints for active-passive microwave sensing. As a result of the conducted study, a linear functional relationship between active and passive microwave observations (e.g. assumed for the SMAP mission) is confirmed, if higher-order scattering can be omitted.