Calculating the Pearson correlation coefficient can be complicated but software makes it much easier. You can use several methods to calculate correlation in Excel.

Correlation coefficients can mean a positive, negative, or no relationship between two variables. ... There are several methods to calculate correlation in Excel.

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And the correlation coefficient between the monthly rate of change for US stocks and oil (since 1973—as far back as I can get good monthly data for oil) is: -0.003.

A graphing calculator, such as a TI-84, can also be used to calculate the correlation coefficient. The following instructions are provided by Statology. Step 1: Turn on Diagnostics ...

You can use several methods to calculate correlation in Excel. Understanding Correlation. The correlation coefficient ranges from -1 to 1. Exactly 1 is considered perfect.