We investigate the dynamics of the instantaneous polarization state of stationary, partially polarized random electromagnetic beamlike fields. An intensity-normalized correlation function of the instantaneous Poincaré vector is introduced for the characterization of the time evolution of the polarization state. This polarization correlation function enables us to define a polarization time and a polarization length over which the polarization state remains substantially unchanged. In the case of Gaussian statistics, the polarization correlation function is shown to assume a simple form in terms of the parameters employed to characterize partial coherence and partial polarization of electromagnetic fields. The formalism is demonstrated for a partially polarized, temporally Gaussian-correlated beam, and black-body radiation. The results are expected to find a range of applications in investigations of phenomena where polarization fluctuations of light play an important role.