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The correlation can never be greater than 1 or less than minus 1. A correlation close to zero indicates that the two variables are unrelated. A positive correlation indicates that the two variables move together, and the relationship is stronger the closer the correlation gets to one. A negative correlation indicates the two variables move in opposite directions, and that relationship also gets stronger the closer the correlation gets to minus 1. Two variables that are perfectly positvely correlated (r=1) essentially move in perfect proportion in the same direction, while two assets which are perfectly negatively correlated move in perfect proportion in opposite directions.

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