Thanks for the help. I tried that method and it threw a global error. The workaround I found was to parse in as a string first and then use that string within the string for output as a formula as below.
    For y = 1 To ArrayWidth
        For x = 1 To ArrayWidth
            Dim Column1 As String
            Dim Column2 As String
            Column1 = InputRange.Columns(x).Address
            Column2 = InputRange.Columns(y).Address
            ActiveCell.Offset(y, x) = "=CORREL(" & Column1 & "," & Column2 & ")"
            ActiveCell.Offset(y, x).NumberFormat = "0.00"
        Next
    Next