The correlation matrix is a typical representation of node interactions in functional brain network analysis. The analysis of the correlation matrix to characterize brain networks observed in several neuroimaging modalities has been conducted predominantly in the Euclidean space by assuming that pairwise interactions are mutually independent. One way to take account of all interactions in the network as a whole is to analyze the correlation matrix under some geometric structure. Recent studies have focused on the space of correlation matrices as a strict subset of symmetric positive definite (SPD) matrices, which form a unique mathematical structure known as the Riemannian manifold. However, mathematical operations of the correlation matrix under the SPD geometry may not necessarily be coherent (i.e., the structure of the correlation matrix may not be preserved), necessitating a post-hoc normalization. The contribution of the current paper is twofold: (1) to devise a set of inferential methods on the correlation manifold and (2) to demonstrate its applicability in functional network analysis. We present several algorithms on the correlation manifold, including measures of central tendency, cluster analysis, hypothesis testing, and low-dimensional embedding. Simulation and real data analysis support the application of the proposed framework for brain network analysis.