It tends to be a negative correlation.

In the Northeast US, you'll generally see the best performing districts have a lower amount spent per child than the underperforming districts.

The underperforming districts will have higher property taxes (as a result of the higher education cost). This generally leads to parents seeking to move to a different school district for financial and educational reasons.

In education, at least, more money does not equate to better students, but instead, more mismanagement.