Which of the following statement is correct about Spearman’s rank correlation ?

All of the above

The correct answer is Option 4: All of the above

Rank correlation coefficient and simple correlation coefficient have the same interpretation. Its formula has been derived from simple correlation coefficient where individual values have been replaced by ranks. These ranks are used for the calculation of correlation. This coefficient provides a measure of linear association between ranks assigned to these units, not their values. 

All the properties of the simple correlation coefficient are applicable here. Like the Pearsonian Coefficient of correlation it lies between 1 and –1. However, generally it is not as accurate as the ordinary method. This is due the fact that all the information concerning the data is not utilised.