Correlation yes, yet: very variable. If we bleed, internally &/or externally, then blood volume drops-Short Term & up to ~1/3 volume can be compensated for via venous constriction short term, without RBC count change. However, low intravascular volume immediately begins recruiting extracellular water from tissues back into vascular space gradually ↑ing volume & ↓ing RBC count over next many hours. Complex relation.
Answered 12/10/2015
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