MashGet

R2 from WikiPedia:

In statistics, the coefficient of determination, R2 is used in the context of statistical models whose main purpose is the prediction of future outcomes on the basis of other related information. It is the proportion of variability in a data set that is accounted for by the statistical model. It provides a measure of how well future outcomes are likely to be predicted by the model.

There are several different definitions of R2 which are only sometimes equivalent. One class of such cases includes that of linear regression. In this case, R2 is simply the square of the sample correlation coefficient between the outcomes and their predicted values, or in the case of simple linear regression, between the outcome and the values being used for prediction. In such cases, the values vary from 0 to 1. Important cases where the computational definition of R2 can yield negative values, depending on the definition used, arise where the predictions which are being compared to the corresponding outcome have not derived from a model-fitting procedure using those data.

Read more on WikiPedia