Which type of correlation is based on ranks and perfect for ordinal data?
- Kendall's Tau
- Pearson's correlation
- Point-Biserial Correlation
- Spearman's correlation
Spearman's correlation, also known as Spearman's rank correlation, is based on ranks and is perfect for ordinal data. It assesses how well the relationship between two variables can be described using a monotonic function. It is less sensitive to outliers and non-linear relationships compared to Pearson's correlation.
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