While seems to be a reasonable measure of risk when evaluating a large portfolio, the of an individual security does not explain the size of its average return.

Name: While seems to be a reasonable measure of risk when evaluating a large portfolio, the of an individual security does not explain the size of its average return.
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Volatility is a measure of risk for a large portfolio, but it does not explain the average return of an individual security.

While Seems to Be a Reasonable Measure of Risk When