- Convolution is the operation of applying a linear shift invariant on an image.
- Correlation is the operation of searching the template which is most similar in the $ {L}_{2} $ metric.
- When building the operators in their matrix form they are the adjoint of each other.
- For symmetric kernels they yield the same result (Assuming the same boundary conditions).
From Difference Between Correlation and Convolution in the Context of Image Processing by Dima:
Convolution is correlation with the filter rotated 180 degrees. This makes no difference, if the filter is symmetric, like a Gaussian, or a Laplacian. But it makes a whole lot of difference, when the filter is not symmetric, like a derivative.
The reason we need convolution is that it is associative, while correlation, in general, is not. To see why this is true, remember that convolution is multiplication in the frequency domain, which is obviously associative. On the other hand, correlation in the frequency domain is multiplication by the complex conjugate, which is not associative.