I am trying to understand the value Cramer's V provides.

I found the following sentence (from here):

"V may be viewed as the association between two variables as a percentage of their maximum possible variation. V2 is the mean square canonical correlation between the variables."

But I don't think I fully understand it.

Can someone please help explain it a bit further (or with a more detailed example)?

I am trying to understand the value Cramer's V provides.

I found the following sentence (from here):

"V may be viewed as the association between two variables as a percentage of their maximum possible variation. V^2 is the mean square canonical correlation between the variables."

But I don't think I fully understand it.

Can someone please help explain it a bit further (or with a more detailed example)?

I am trying to understand the value Cramer's V provides.

I found the following sentence (from here):

"V may be viewed as the association between two variables as a percentage of their maximum possible variation. V2 is the mean square canonical correlation between the variables."

But I don't think I fully understand it.

Can someone please help explain it a bit further? (or with a more detailed example)

Thanks.

I am trying to understand the value Cramer's V provides.

I found the following sentence (from here):

"V may be viewed as the association between two variables as a percentage of their maximum possible variation. V2 is the mean square canonical correlation between the variables."

But I don't think I fully understand it.

Can someone please help explain it a bit further (or with a more detailed example)?