Term: CORR_S

Definition:
The CORR Function returns Spearman's rank correlation, coefficient named after Charles Spearman. It is a non-parametric measure of statistical dependence between two variables.

It assesses how well the relationship between two variables can be described using a monotonic function.

If there are no repeated data values, a perfect Spearman correlation of +1 or -1 occurs when each of the variables is a perfect monotone function of the other.