It is often said that the square of the correlation coefficient, , is the fraction of the variation in y that is explained by its relationship with x. I seek assistance with determining how this translates to the following:
1- = (deviations from trendline)/(standard deviation of y data)
i.e. standard deviation of the data's deviation from the trendline divided by the the standard deviation of the y data is 1- .
Look forward to your advise.