Abstract <p>We explain an analysis strategy for ultrafast X-ray photon correlation spectroscopy, a technique enabled by X-ray free electron lasers to probe nano- and atomic-scale dynamics in complex systems on nanosecond timescales or faster. Central to the technique is the methodology for extracting contrast in coherent X-ray diffraction patterns, known as speckle patterns. Guided by simulations, we analyze common challenges and examine errors encountered in contrast extraction. A method for accurately determining contrast amid shot noise across a wide range of count rates is presented.</p> Graphical abstract <p></p>