Canonical correlation is used as a measure of dependence between multivariate vectors $\mathbf{X}$ and $\mathbf{Y}$, by finding vectors $\mathbf{a}$ and $\mathbf{b}$, respectively, such that $corr(\mathbf{a}^T \mathbf{X}, \mathbf{b}^T \mathbf{Y})$ is maximized.
Another measure of multivariate dependence is multivariate concordance, an extension of bivariate concordance which computes the probability that $\mathbf{X}$ and $\mathbf{Y}$ both increase and/or decrease simultaneously.
My question is regarding the validity of using CCA to measure the dependence between $\mathbf{X}$ and $\mathbf{Y}$. In CCA, we are modifying the data to maximize the correlation, where as in multivariate concordance, we are not modifying the data but rather measuring how the two vectors are progressing together. Does the fact that we are modifying the data in CCA make it a valid approach to measuring dependence between random vectors? Are there references/examples where CCA is valid and where it is not?
Some References for Multivariate Concordance:
In CCA, we are modifying the data to maximize the correlation. We do not "distort" the data in CCA anyhow. Because the method is linear and decomposing one, the correlation appears multidimensional. With 2 sets by 2 variables, 2 canonical correlations are produced, the 1st is maximized, but the 2nd is compensatory smaller. – ttnphns Sep 30 '16 at 23:20multivariate concordancemeasure. – ttnphns Sep 30 '16 at 23:25