Yes. At least that's what I hope/assume mine is doing.
> Anyway, I'd be very much interested in some kind of fitness tracker that can provide better estimates on caloric burn.
The 2nd most accurate formula involves weight and heart rate. http://fitness.stackexchange.com/questions/12435/is-it-possi...
Your Charge HR knows both of those, so I would hope it uses them. That's the whole reason I bought one in the first place.
It looks like measuring VO2max is even more accurate. But that's very annoying and invasive to measure as it involves breathing through a tube.