You’re getting pretty bad answers, even if some of what respondents say is correct ,it’s disrespectful, rude, and incomplete.
Yes, there is a direct correlation between running performance and VO2Max. Unfortunately, VO2Max has its limits as a means to measure performance:
1. There is thought to be a limit to what you can achieve through specifically targeting it. VO2Max is basically the same measurement as the stroke volume of your heart combined with the oxygen-carrying capacity of your blood. There are genetic factors to both these aspects. It’s also why cheaters opt for blood doping and/or EPO.
2. Your Garmin isn’t providing actual VO2Max - it’s using a few proxy measurements, big data and a bit of clever mathematics to provide a performance figure number that may have some resemblance to actual VO2Max in some athletes. Do not for a single second mistake it for the real thing, though.
3. “Mistake it for the real thing” is sort of central. Your watch will fail to account for a number of physiological, psychological and environmental factors. Garmin and/or Firstbeat won’t know whether you’re pushing yourself, whether you’re running hills, difficult turns, if you’re stressed out because you’r boss or spouse was difficult, or if it was cold/hot, rainy, windy.
4. The Firstbeat algorithm will not account for changes in running economy. While a high-end Garmin with a chest strap will collect some of the data, it won’t use it in the calculation
By all means in the long term, Garmin’s figures will provide you with data on whether you’re progressing or not, but it’s not giving you an actual VO2Max. For that, you will need a lab test.
The value of a lab test is dubious to any non elite. I am comfortable sitting on the Noakes side of the performance debate, while advocating the Daniels VDOT proxy for training paces, until you’ve gone so far that you need to measure lactate