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"Variance" is a well-defined term in mathematical statistics. It is the average squared deviation from the mean. "Volatility" is a general English word with different definitions in different contexts. It is used most extensively in Finance, where it means the square root of variance, but it is used in a continuous time context while "standard deviation" would be the term for a fixed time horizon.

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Uh... ok. [img]/images/graemlins/laugh.gif[/img]

Now - in little words? [img]/images/graemlins/wink.gif[/img]