2026-07-072026-07-07http://salesiana.dossiersoluciones.com/handle/123456789/226955We provide a critical overview of the $Φ$ measure of fluctuations and correlations. In particular we show that its discriminating power is rather limited in situations encountered in experiment.LaTex file, 3 eps files with figures and psfig.sty file; 12 pages altogether; corrected version (with changed title); to be published in Phys. Rev. CHigh Energy Physics - PhenomenologyNuclear Theorytext