Diffuse correlation spectroscopy (DCS) is a noninvasive method to quantify tissue perfusion from measurements of the intensity temporal autocorrelation function of diffusely scattered light. However, DCS autocorrelation function measurements in tissue better match theoretical predictions based on the diffusive motion of the scatterers than those based on a model where the advective nature of blood flow dominates the stochastic properties of the scattered light. We have recently shown using Monte Carlo (MC) simulations and assuming a simplistic vascular geometry and laminar flow profile that the diffusive nature of the DCS autocorrelation function decay is likely a result of the shear-induced diffusion of the red blood cells. Here, we provide theoretical derivations supporting and generalizing the previous MC results. Based on the theory of diffusing-wave spectroscopy, we derive an expression for the autocorrelation function along the photon path through a vessel that takes into account both diffusive and advective scatterer motion, and we provide the solution for the DCS autocorrelation function in a semi-infinite geometry. We also derive the correlation diffusion and correlation transfer equation, which can be applied for an arbitrary sample geometry. Further, we propose a method to take into account realistic vascular morphology and flow profile.