The value of the correlation coefficient can be between 0 and 1.

http://psychology.about.com/od/researchmethods/a/correlational.htm

The correlation coefficient measures the strength and direction of the relationship between two variables. It ranges from -1 to +1.

To calculate the correlation coefficient, you need the values of both variables. The formula for the correlation coefficient is:

r = (Σ((X-X̄)(Y-Ȳ))) / √((Σ(X-X̄)²) * (Σ(Y-Ȳ)²))

Where:
- r represents the correlation coefficient.
- X and Y are the values of the two variables.
- X̄ and Ȳ are the means of the two variables.
- Σ represents the sum of.

The correlation coefficient can take on values between -1 and +1, representing a perfect negative correlation (-1), no correlation (0), and a perfect positive correlation (+1). A negative correlation means that as one variable increases, the other decreases, while a positive correlation means that as one variable increases, the other also increases.

Therefore, the statement "The value of the correlation coefficient can be between 0 and 1" is incorrect. The correlation coefficient can be any value between -1 and +1, inclusive.