The correlation between a short-form (SF) test and its full-scale (FS) counterpart is a mainstay in the evaluation of SF validity. However, in correcting for overlapping error variance in this measure, investigators have overattenuated the validity coefficient through an intuitive misapplication of P. Levy's (1967) formula. The authors of the present article clarify that such corrections should be based on subtest-level versus FS-level data. Additionally, the authors propose a simple, modified equation incorporating FS-level scores that provides liberal and conservative validity measures for comparison across estimation methods, and they demonstrate its use in both a normative (N = 2,450) and clinical psychiatric (N = 216) sample.