So I have been looking at correlation recently, but I was confused about what the values for Spearman’s rank actually mean for a scatter diagram.
For example, for Pearson’s product moment correlation coefficient, I know a value of 0.95 means a scatter diagram that has a strong, positive correlation, a value close to 0 means no correlation and a value of -0.3 means a weak negative correlation.
Could someone give a similar explanation (or diagram) to help me understand what a Spearman’s rank value of 0.95, 0 and -0.3 actually mean for a scatter diagram?
Many thanks.