Correl Function Confusion

The CORREL function returns the correlation coefficient (r) which is a measure of covariance of x,y divided by the std dev of x times the std dev of y. It can vary from -1.0 to +1.0. r squared is the coefficient of determination (which is what was in the spreadsheet you received) is a considered a direct measurement of the fit of the points to the fit (line) proposed. Yes, the ^2 in the formula means raised to the second power.

ChemistB