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panel method for xysplom. It has a corr argument that is removed before sending the information on to panel.xyplot.
corr
panel.xysplom(corr, ...)
logical. If TRUE, display the correlation and/or the regression coefficient for lm(y ~ x) for each panel in an additional strip label.
TRUE
lm(y ~ x)
Remaining arguments to panel.xyplot.
panel.xyplot
xysplom