Why SNGs have MORE variance than ring games

[A_PLUS]

Completely jumping over the last 10 posts, which I dont really care to get involved with.

I was always confused as to why people thought SNGs were lower variance than ring games (at low limits). If you are an adequte poker player, you can achieve 5-8xBB/100 win rate at 25 or 50 max on party.

From my experience (I dont have my PT stats in front of me). 4-tabling low stakes NL ring, is much lower variance than being an adequate (<15% ROI) low limit SNG player. I also think that it is probably higher $/Hr as well, but that of course depends on your skills.