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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 is simply the square root of the variance. The calculation of variance uses squares because it weights outliers more heavily than data very near the mean. This also prevents differences above the mean from canceling out those below, which can sometimes result in a variance of zero.hereas the mean is simply the average of all data points, the variance measures the average degree to which each point differs from the mean. The greater the variance, the larger the overall data range. For the variance, first calculate the difference between each point and the mean.