Chisquared test is typically used for evaluating strength of association in scenarios where the measurement variables are categorical (example: vehicles classified as twowheelers, fourwheelers etc.). It's also a nonparametric test  in other words, it is "distributionfree". Similar to how correlation coefficient helps interpret strength of association between realvalued variables, Cramer's Vscore from Chisquared test can be used with categorical variables. Degrees of freedom (df) for a chiaquare distribution is 1 less than number of categories (df = number of categories  1). Here's a handy table for how to interpret Cramer's Vscore : References:
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There are two popular types of correlation coefficients (Pearson and Spearman). See the table below for how to interpret these cofficients. References:

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