A strong positive partial autocorrelation of lag 1 means that an observation is highly correlated with its previous observation whereas a near zero PACF indicates no correlation.
Does that mean that a near zero PACF suggests no variability within the observations while a positive PACF suggests increasing variability?
Take a person's sleep duration over a period of one month as an example. If he or she sleeps consistently close to 8 hours a day, the day-to-day variability is low and the PACF is near zero.
Are these 2 concepts similar or am I understanding them incorrectly?