The correlation coefficient of a random process X(t), is the function:

ρX(t1,t2) = CX(t1,t2) / sqrt(CX(t1,t1)CX(t2,t2))

where CX(t1,t2) denotes the autocovariance of the process.

A correlation coefficient is a numerical value indicating the degree and direction of the relationship between two variables.

A correlation coefficient can range from +1.00 (a perfect positive correlation) to .00 (no correlation) to –1.00 (a perfect negative correlation).

The number in a correlation coefficient indicates the relative strength of a relationship between two variables-the higher the number, the stronger the relationship.

The sign of a correlation coefficient (+ or -) indicates whether the two variables vary in the same or opposite directions.

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