Performance analysis has many advantages in theory compared to simulation for the validation of complex embedded systems, but is rarely used in practice. To make analysis more attractive, it is critical to calculate tight analysis bounds. This paper shows that advanced performance analysis techniques taking correlations between successive computation or communication requests as well a correlated load distribution into account can yield much tighter analysis bounds. Cases where such correlations have a large impact on system timing are especially difficult to simulate and, hence, are an ideal target for formal performance analysis.