Meaning of rank-order correlation
The rank order correlation coefficient uses the ranking of the data, i.e. what position (rank) the data point takes in an ordered list from the minimum to maximum values, rather than the actual data values themselves. It is therefore independent of the distribution shapes of the data sets and allows the integrity of the input distributions to be maintained. Rank order correlation is the method most often used in commercial Monte Carlo packages. It is not identical to spearman's rho, but has been shown to be close under benign assumptions. Also, Kendall's correlation. Cf. Spearman's correlation.
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