No, it just doesn't exist at all.
The compass has a factory calibration that's usually fine. It's never a bad idea to calibrate something but the reality is that, unless you're having some very specific problems, compass calibration isn't a solution for much.
GPS problems, for instance. Your phone isn't going to stop giving you GPS because the compass calibration sucks. It might point you in the wrong direction, or give you other weird behavior while adjusting the orientation of the map, but it's not an integral part of the GPS system, it is only used to orient the map.