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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.
See: Option Volatility. For securities, the higher the standard deviation, the greater the dispersion of returns and the higher the risk associated with the investment. As described by modern portfolio theory (MPT), volatility creates risk that is associated with the degree of dispersion of returns around the average.