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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).
The average of the squared differences from the Mean. To calculate the variance follow these steps: 1  Work out the Mean (the simple average of the numbers). 2  Then for each number: subtract the Mean and square the result (the squared difference).