Hybrid theory states that if two single-stranded DNA molecules have enough nucleotide sequences in common, they will combine to form a double-stranded DNA. The two single strands accomplish this by forming hydrogen bonds to the others' common sequences.
Chase theory postulates that DNA, not bacteria, is what controls heredity. This theory was reached based on several experiments performed by Alfred Hershey and Martha Chase.
Hybrid theory is based upon DNA combining to form double helix strands when they have enough nucleotide sequences in common, whereas Chase theory is just the idea of DNA being the carrier when it comes to heredity, as opposed to bacteria. These two theories have nothing in common other than the fact that they both relate to the study of DNA.