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I would like to know, how do I evaluate the quality of correlation?

Specifically, I have a set of N datapoints, each represented by k features. I want to know how the k features correlate with each other, and therefore, I created a k by k correlation matrix. I am using R-value, so the values range from -1 to 1. I was told to only look at R-values of at least 0.7, because anything lower than that does not mean much. However, I was wondering, how do I evaluate a correlation value of say, 0.85? If a feature x has a R-value of 0.7 with y and a R-value of 0.9 with z, what quantitative conclusions can I draw and what kind of statements can I make? For example, will I be able to say how much better the correlation between (x,z) is compared to (x,y)?

Thank you very much!

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# How to evaluate quality of correlation?

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