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I am fairly sure SH games have less variance (not 100% tho). This seems counter-inuitive since you will be playing more.
http://games.cs.ualberta.ca/poker/IRC/mm-sh-var.txt
That article I posted makes a very strong case, backed up with a lot of evidence, for SH having less variance. I'm inclined to believe it barring other (non-anecdotal) evidence to the contrary.
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Don't put too much value in that article. Just look at the numbers. I don't know what "IRC poker" is, but limit holdem doesn't have SD = 41 BB/100 hands for 10-handed and SD = 26 BB/100 hands for 6-handed play. Those numbers look like they've been taken from play-money VP$IP=100% tables. Only in that context these numbers make sense, since you'll have larger pots at full tables where everyone plays at least preflop.
It is nonsense to claim that short-handed limit hold'em has smaller variance than full-handed. I think anyone who plays both has numbers to back up the oppposite. Your VP$IP goes up quicker as the table gets shorter while the pot size get smaller slowly. This drives up the variance.