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Variance. Variance (Ï 2) is a measure of the dispersion of a set of data points around their mean value. In other words, variance is a mathematical expectation of the average squared deviations from the mean. It is computed by finding the probability-weighted average of squared deviations from the expected value. Variance measures the variability from an average (volatility).
Standard Deviation and Variance A commonly used measure of dispersion is the standard deviation, which is simply the square root of the variance. The variance of a data set is calculated by taking the arithmetic mean of the squared differences between each value and the mean value.he population standard deviation is the square root of this value. The variance of a sampled subset of observations is calculated in a similar manner, using the appropriate notation for sample mean and number of observations.