Point biserial correlation measures the relationship between one dichotomous variable (having two possible values) and one continuous variable (having a range of possible values). It ranges from -1 to 1. An example is measuring the correlation between depression status (depressed or not depressed) and self-reported shame levels (on a scale of 1 to 10). The direction of the correlation depends on how the variables are coded, with higher values representing more of the attribute.