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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.
How To Bet On Volatility Rising. The most popular measure of options prices is the average implied volatility of puts and calls of the S&P 500 tracking stock (SPY).