Thirteen characters were evaluated over four years in progenies from a diallel cross among the olive (Olea europaea L.) cultivars `Arbequina', `Frantoio', and `Picual' to determine if phenotypic correlations existed between these characters. Yield per tree, ripening date, oil yield components and fatty acid composition were recorded annually once seedlings began to flower and produce fruit. Significant correlations were found between several characters including oil yield components and fatty acids composition. Lower correlation coefficients were obtained between ripening date and oil and oleic acid content. Generally, yield was not correlated with the other characters evaluated. Principal components analysis confirmed the main correlations among characters and showed them to be independent of the parents used.