Probabilistic computing algorithms require electrically programmable stochasticity to encode arbitrary probability functions and controlled stochastic interaction or correlation between probabilistic (p-) bits. The latter is implemented with complex electronic components leaving a large footprint on a chip and dissipating excessive amount of energy. Here, we show an elegant implementation with just two dipole-coupled magneto-tunneling junctions (MTJ), with magnetostrictive soft layers, fabricated on a piezoelectric film. The resistance states of the two MTJs (high or low) encode the p-bit values (1 or 0) in the two streams. The first MTJ is driven to a resistance state with desired probability via a current or voltage that generates spin transfer torque, while the second MTJ’s resistance state is determined by dipole coupling with the first, thus correlating the second p-bit stream with the first. The effect of dipole coupling can be varied by generating local strain in the soft layer of the second MTJ with a local voltage (~ 0.2 V) and that varies the degree of anti-correlation between the resistance states of the two MTJs and hence between the two streams (from 0% to 100%). This paradigm generates the anti-correlation with “wireless” dipole coupling that consumes no footprint on a chip and dissipates no energy, and it controls the degree of anti-correlation with electrically generated strain that consumes minimal footprint and is extremely frugal in its use of energy. It can be extended to arbitrary number of bit streams. This realizes an “all-magnetic” platform for probabilistic computing.