Yep. If you don't re calibrate it's not going to read right for sure!! Your VSWR reading will be off the charts I'm sure if you increase the power to say 10-15 watts DK from a 4 watt one. The meter will peg at 3:1 or more. And like Yeti Comm said, it's really called
VSWR, and like Beetle said it's a measure of Voltage Standing Wave Ratio. So it will be read in a radio form like 1:1, 2:1, 3:1, 1.53:1, and so on. And it's not all just about VSWR when you are tuning an antenna. You might have a 1:1 VSWR, but your impedance match might be terrible, and this isn't good for the radio either. You want the impedance to be near or at 50 ohms. From 48-52 is a good area to be. Then you have reactance, and this is where an antenna analyzer becomes a tool and a darn good one at that. They can be found for not much these days. Used or new. And for what you paid for the radio I am sure you can swing getting one. Save up if needed. Reason I say this is that an antenna analyzer will show all the parts of an antenna system and this allows you too truly tune an antenna. A low VSWR isn't always an indication of a good antenna system. Anyways, enough about that.
Make sure you are re calibrating your meter when you raise or lower the dead key of the radio. And make sure the mic Gain is all the way down as to not have any noise present. This will also skew VSWR readings. Last but not least, try to use as short coax jumper between the radio and the meter. 1ft is a good goal if possible. Anyhow. Sorry for the text wall. And hope some of this info helps. And like others have said, trust the external meter and not the internal one as if it's not been adjusted to the rest of the radio if it's been messed with, it may or may not work correctly. And as Fourstringburn said, they are self calibrating, so in AM mode all that is needed is to turn the mic Gain down and key the mic. Should give you a reading like that. And when all else fails pull out the manuals of all everything and read them!! There is actually some good info in them!! They are just made for leveling tables or starting fires with!! Again, hope some of this helps. Have a good one.
HAPPY NEW YEAR To All. I hope 2017 brings lots of good things!!!
73 and God Bless.