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Can a test of significance show a statistically significant relationship while a measure of association shows a weak relation
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Answer #1

1) Strong Correlation/association but not significant

YES, it is possible

2) Significant but NOT Strong Correlation/association

YES, it is possible

3) Examples

1) generate X and Y variables with a correlation of 0.50 and sample size of 7

run a pairwise correlation and get p-value

* result r=0.5570, p=0.1940 - Significant

AND

2) Rerun this whole thing exactly the same way but use sample size of 100

* result r=0.50, p< 0.0001 - Not Significant

Basically it depends in the sample size. Sometimes you may have corr = 0.001 and sample size is say 100000 then in that case it is weak correlation but it will be significant due to sample size.

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