Once the ranks for the two variables are found, we apply the formula for the correlation to the ranks as follows: Both Spearman’s rank and Pearson’s correlation tests share the purpose of assessing ...

Correlation coefficients range from -1 to +1, indicating the strength of relationships between variables. Investors use correlation coefficients for portfolio diversification to reduce risk.

For 2 × k contingency tables, we consider the statistic r*, the maximal correlation between the row and column variables, where the maximum is taken over all possible sets of scores (or "scales" or ...