Such a cognitive test would have predictive validity if the observed correlation were statistically significant.
In a study of concurrent validity the test is administered at the same time as the criterion is collected.
As with many aspects of social science, the magnitude of the correlations obtained from predictive validity studies is usually not high.
Rather, the Standards describe validity-supporting "Evidence Based on Relationships [between the test scores and] Other Variables."
Predictive validity involves testing a group of subjects for a certain construct, and then comparing them with results obtained at some point in the future.