Techniques for statistical formal activity analysis with consideration of temporal and/or spatial correlations are described herein. According to one embodiment, a sequential circuit having a feedback loop is unrolled into multiple unrolled circuits, where the sequential circuit is represented by a finite state machine (FSM). A temporal correlation is introduced to each of the unrolled circuits via a correlation network for an activity analysis of the sequential circuit. The temporal correlation represents a dependency relationship between a current logic state of a signal and a previous logic state of the signal. Other methods and apparatuses are also described.