Simple explanation of Spearman's rank correlation coefficient
Spearman's rank correlation coefficient is testing for a significant relationship between two variables. Spearman's Rank gives a value that determines the the strength of the relationship between two sets of data as a numerical value between -1 and +1. The closer the answer to -1, the greater the inference of a negative relationship and vice versa. The closer the answer to 0, the greater the inference of no relationship or a random pattern.
Spearman's rank is calculated using this formula:
