I was reading the question: Symmetric and exterior power of representation regarding how to determine the character of an exterior power of a representation from the original representation. One of the responses mentioned that the formula for $\wedge^2$ is \begin{equation} \chi_{\wedge^2V}(g)=1/2 (\chi_V(g)^2-\chi_V(g^2))\end{equation}
The user 'draks' observed that this looks like the formula for variance and asked if there was any connection. There were no responses and I thought it was an interesting question so I'm reposting it as a full question.