A simple relationship between the correlation coefficient and the applied strain, applicable only at low strains, is presented in this article. This relationship is derived for a Gaussian modulated cosine point spread function. The performance of the strain estimator is analyzed using a theoretical expression for the correlation coefficient along with simulation and experimental results. Both the theoretical and simulation results diverge from the ideal relationship between the strain and the correlation coefficient as the applied strain is increased. Simulation results illustrate that the strain estimate obtained using the correlation coefficient is a biased estimate with a large variability. Experimental results, however, illustrate that strain estimation using the 1-D correlation coefficient estimate is applicable only at high signal-to-noise ratios in the radiofrequency signal and in the absence of lateral and elevational signal decorrelation.