Which One of the Following Best Defines the Variance of an Investment's

Multiple Choice

Which one of the following best defines the variance of an investment's annual returns over a number of years?

A) The average squared difference between the arithmetic and the geometric average annual returns
B) The squared summation of the differences between the actual returns and the average geometric return
C) The average difference between the annual returns and the average return for the period
D) The difference between the arithmetic average and the geometric average return for the period
E) The average squared difference between the actual returns and the arithmetic average return