An associative memory model based on the correlation method using a non-monotonic neuron property is proposed and investigated by signal-to-noise analysis. The signal term for recalling and the cross-talk noise term preventing recalling are negatively correlated with each other in this model, so that the variance of the internal potential becomes much smaller than that of the cross-talk noise. This is contrasted with the situation of the Hopfield model in which the two terms are independent of each other. As a result, the present model has twice larger storage capacity in comparison with the Hopfiled model.