Can Dispel Magic stop a Channel Divinity?

The spell Dispel Magic reads:

Choose one creature, object, or magical effect within range. Any spell of 3rd level or lower on the target ends. For each spell of 4th level or higher on the target, make an ability check using your spellcasting ability. The DC equals 10 + the spell’s level. On a successful check, the spell ends.

The Cleric’s Channel Divinity feature reads:

At 2nd level, you gain the ability to channel divine energy directly from your deity, using that energy to fuel magical effects.

Am I correct in my understanding that Dispel Magic would have no effect when targeting a magical effect caused by Channel Divinity because Channel Divinity is not a spell?