This article presents a formula for weighted kappa in terms of rater means, rater variances, and the rater covariance that is particularly helpful in emphasizing that weighted kappa is an absolute agreement measure in the sense that it is sensitive to differences in rater's marginal distributions. Specifically, rater mean differences will decrease the value of weighted kappa relative to the value of the intraclass correlation that ignores mean differences. In addition, if rater variances also differ, then the value of weighted kappa will be decreased relative to the value of the product-moment correlation. Equality constraints on the rater means and variances are given to illustrate the relationships between weighted kappa, the intraclass correlation, and the product-moment correlation. In addition, the expression for weighted kappa shows that weighted kappa belongs to the Zegers-ten Berge family of chance-corrected association coefficients. More specifically, weighted kappa is equivalent to the chance-corrected identity coefficient.