Re: CV
Maintaining a constant risk of ruin is equivalent to fractional Kelly betting as explained in our bjmath.com article. We call it "instantaneous" risk of ruin. It gives the ror if you suddenly stopped resizing (like a projectle in a force field has instantanoeus velocity)
So it seems that always having an "appropriate" bankroll for a game is about the same as proportional betting.
Full Kelly corresponds to an instantanous risk of ruin of 1/e^2 or about 13%.
You must take variance into account if risk (of ruin or other drawdown) is a factor. It's a tautology! Balancing risk and reward is the the 2nd most basic financial calculation. EV is the first moment and variance is the second...
You pointed out one interpretation of CV. I am pointing out another one which is directly and clearly related to game choice for those not greatly overbanked for the game in question.
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