Nicely written Juhi, and good introduction. I think there's a few extra notes to help your readers:

1) The Pearson Correlation between two RVs is simply their Covariance scaled by the two RVs respective standard deviations (thus why it's support is over -1,1)

2) Mathematically speaking, the Spearman Correlation is a Pearson Correlation, but run on the ordered ranks of the data (instead of the real-valued data itself).

Hope the above is helpful.

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Principal Data/ML Scientist @ The Cambridge Group | Harvard trained Statistician and Machine Learning Scientist | Expert in Statistical ML & Causal Inference

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Andrew Rothman

Andrew Rothman

Principal Data/ML Scientist @ The Cambridge Group | Harvard trained Statistician and Machine Learning Scientist | Expert in Statistical ML & Causal Inference