We develop a notion of Morita equivalence for general C$^{\ast}$-correspondencesover C$^{\ast}$-algebras. We show that if twocorrespondences are Morita equivalent, then the tensor algebras built from them are strongly Morita equivalent in the sense developed by Blecher, Muhly and Paulsen. Also, theToeplitz algebras are strongly Morita equivalent in the sense of Rieffel, as are the Cuntz--Pimsner algebras. Conversely, if the tensor algebras arestrongly Morita equivalent, and if the correspondences are aperiodic in a fashion that generalizes the notion of aperiodicity for automorphisms of C$^{\ast}$-algebras, then the correspondences are Morita equivalent. Thisgeneralizes a venerated theorem of Arveson on algebraic conjugacy invariants for ergodic, measure-preserving transformations. The notion ofaperiodicity, which also generalizes the concept of full Connes spectrum for automorphisms, is explored; its role in the ideal theory of tensor algebras and in the theory of their automorphisms is investigated. 1991 Mathematics Subject Classification: 46H10, 46H20, 46H99, 46M99, 47D15, 47D25.