The Fisher Transformation is frequently used to test hypotheses on the correlation coefficient.
The formula for the Fisher Transformation is:
This function is shown in the graph below:
See the Wikipedia Fisher Transformation page for further details.The Excel Fisher function calculates the Fisher Transformation for a supplied value.
The syntax of the function is:
Where x is the value at which you want to calculate the Fisher Transformation.
In the spreadsheets below, the Excel Fisher Function is used to calculate the Fisher Transformation for 3 different values.
Formulas:
 Results:

For further details and examples of the Excel Fisher function, see the Microsoft Office website.
If you get an error from the Excel Fisher function this is likely to be one of the following:
#NUM!    Occurs if the supplied value of x is ≤ 1 or ≥ +1. 
#VALUE!    Occurs if the supplied value of x is nonnumeric. 