Yes. It does.
A good example:
corrcoef(1:10,10:-1:1)
More:
corrcoef when called with two scalars or vectors produces a 2x2 matrix. The diagonal of the matrix is the correlation of the two vectors to themselves. These should always be 1 (unless there is a nan or an inf).
The antidiagonal is each vector's correlation to each other.
so corrcoef(x,y) will be: [x2x, x2y; y2x y2y]
These are the values you are most likely after. Scalars will always be perfectly correlated to each other. If I give pi and 42 to corrcoef for the data provided they are perfectly correlated (as is pi and -42 or any other number out there!). The same is true for 2 element vectors except there is an addition of sign, e.g:
corrcoef([1,2],[1,1000])
versus
corrcoef([1,2],[1,-1000])
