Volatility is considered the most exact measure of risk in addition to by extension of return its an opposing side. The higher the volatility the higher the risk - and the reward. That movements increases in the transition from bull on bearing markets seems to help this pet concept. But how to are the reason for surging volatility in plummeting bourses At the absolute depths of the bear phase volatility and risk increase while comes back evaporate - perhaps taking short-selling into account....
