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One way to measure a bond's volatility is to track its spread against another bond. Basically, you will need to compare the bond's performance over time to a relatively stable bond. The most stable bonds are US Government Bonds. Start with a federal bond and track interest rate over a time period of 1 to 5 years.
Standard Deviation (Volatility) Standard deviation is a statistical term that measures the amount of variability or dispersion around an average. Standard deviation is also a measure of volatility. Generally speaking, dispersion is the difference between the actual value and the average value. The larger this dispersion or variability is, the higher the standard deviation. The smaller this dispersion or variability is, the lower the standard deviation.