This study presents an analysis for evaluating the physical layer (PHY) security performance of a two-hop amplify-and-forward cooperative relaying system employing Alamouti orthogonal space–time block coding (OSTBC) in the presence of an eavesdropper, where the transmit antennas for OSTBC are assumed to be spatially correlated. It is also assumed that the authorised main channels as well as the non-authorised eavesdropper channels follow Rayleigh fading distribution. Closed-form mathematical expressions are derived for three performance metrics for evaluating the PHY security, namely the probability of non-zero secrecy capacity, the secrecy outage probability, and the average secrecy capacity. Using the extensive numerical results obtained from the derived mathematical expressions, the impact of antennas correlation on the PHY secrecy performance of the system is studied and evaluated under different parameters. It is also shown that the antennas correlation corresponding to the main channels has more impact than the antennas correlation corresponding to the eavesdropper channels.