Experimental work across a variety of species has demonstrated that spontaneously generated behaviors are robustly coupled to variation in neural activity within the cerebral cortex. Indeed, functional magnetic resonance imaging (fMRI) data suggest that functional connectivity in cortical networks varies across distinct behavioral states, providing for the dynamic reorganization of patterned activity. However, these studies generally lack the temporal resolution to establish links between cortical signals and the continuously varying fluctuations in spontaneous behavior typically observed in awake animals. Here, we took advantage of recent developments in wide-field, mesoscopic calcium imaging to monitor neural activity across the neocortex of awake mice. Applying a novel approach to quantifying time-varying functional connectivity, we show that spontaneous behaviors are more accurately represented by fast changes in the correlational structure versus the magnitude of large-scale network activity. Moreover, dynamic functional connectivity reveals subnetworks that are not predicted by traditional anatomical atlas-based parcellation of the cortex. These results provide insight into how behavioral information is represented across the mammalian neocortex and demonstrate a new analytical framework for investigating time-varying functional connectivity in neural networks.