Volatility :

This is a method of measuring the behaviour of a financial instrument over time. Used to calculate the element of risk.

volatility :

A measure of risk based on the standard deviation of the asset return. Volatility is a variable that appears in option pricing formulas, where it denotes the volatility of the underlying asset return from now to the expiration of the option. There are volatility indexes. Such as a scale of 1-9; a higher rating means higher risk.