The paired t-test says nothing about correlation. (The 'unequal' flag is about the variances.)
Consider:
t = linspace(0, 10*pi);
v1 = sin(t);
v2 = 2*rand(size(t))-1;
[h,p] = ttest2(v1, v2)
h =
0
p =
0.6819
It does indicate if the means are different (rejecting the null hypothesis) at a specific significance.
EDIT — Added example.
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