How to Make a Correlation Matrix in Excel
Which of your variables move together? A correlation matrix answers that at a glance — every column against every other. Excel can build one, but only through an add-in that isn't everywhere, or a grid of CORREL formulas you fill by hand.
Last updated: September 2026
| Spend | Sales | Returns | |
|---|---|---|---|
| Spend | 1.00 | 0.92 | −0.31 |
| Sales | 0.92 | 1.00 | −0.28 |
Method 1 — Analysis ToolPak or CORREL
Data ▸ Data Analysis ▸ Correlation builds the matrix on Windows, but the add-in isn't on Excel for the web. The formula route — =CORREL(A:A, B:B) in each cell of a grid — works everywhere but is tedious to lay out and label for more than a couple of columns.
Method 2 — the 1-click way (Tellsheet)
Correlation Matrix
Select your numeric columns and run Correlation Matrix. It computes the pairwise Pearson correlation between every pair and writes a labelled matrix to a new sheet, with 1 down the diagonal and values from −1 to +1. Each pair uses the rows where both columns have a number, so a stray blank doesn't distort it. Works everywhere, no add-in. Bundle it with Descriptive Statistics for a quick stats pack.
Frequently asked questions
How do I make a correlation matrix?
The Analysis ToolPak, a grid of CORREL, or Correlation Matrix in one click.
What do the values mean?
−1 opposite, 0 none, +1 aligned; the diagonal is always 1.
How are blanks handled?
Each pair uses only rows where both columns have a number.
Does it work on the web?
Yes — unlike the Analysis ToolPak.
Related Excel guides
See what moves together
Correlation Matrix builds the labelled grid for all your columns — one click, no add-in.
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