We present joint investigations of relative intensity noise (RIN) and second-order coherence properties of amplified spontaneous emission (ASE) generated by a superluminescent diode. We introduce a generalized intensity noise description for ASE sources that contains the shot noise contribution but also accounts for first- and second-order coherence properties reflecting the process of light generation. We find excellent agreement between pump-current-dependent RIN values and this new description, with the perspective of particular interesting consequences for the realization of low-noise broadband emitters.