Asymptotic distribution of correlation matrix under blocked compound symmetric covariance structure

Assuming a covariance structure with blocked compound symmetry, it was showed that unbiased estimators for the covariance matrices are optimal under normality. In this paper, we derive the asymptotic distribution of the correlation matrix using unbiased estimators and discuss its use in hypothesis testing. The accuracy of the result is investigated through numerical simulation and the method is applied to real data.