Correlated is an adjective generally describing a statistical relationship between variables, which is often (perhaps more frequently) used as a more loosely defined term generally describing at least an association between two things, often with an implication of causation (although, of course, correlation does not, in general, imply causation). Co-related appears to be a neologism created by applying the co- prefix to indicate relation where it is completely unnecessary - related already means what "co-related" would seem to be intended to mean. " Perhaps someone else will give you a stab at writing copy.
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