The correlation function will ask for two rows of data from two identical timeframes. Input, click ok and voila—correlation coefficient. The correlation coefficient is a number between 1 and -1.

Finding Correlation in Excel There are several methods to calculate correlation in Excel. The simplest is to get two data sets side-by-side and use the built-in correlation formula: ...

You can calculate the correlation coefficient to find the correlation between any two variables, whether they are market indicators, stocks, or anything else that can be tracked numerically.