Looking at variance in a void has no significance at all. If you have a huge advantage and make huge bets, you will also have huge variance. It comes with the territory and cannot be avoided. What matters is the ratio of your expectation to your standard deviation, and that value squared produces SCORE. SCORE matters ... a lot! But, with variance in the denominator and e.v. squared in the numerator, citing just one half of the fraction without reference to the other half isn't meaningful.
Reminds of the joke I quoted in BJA3: "Here's a partial football score: "Notre Dame 14 ..." :-) Doesn't tell you the whole story, does it?
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