Value stock is a stocks that is traded at a lower price than its fundamentals. You can say that dividends as well as earnings and sales can be called value stocks. The lower price makes the stocks more appealing to value investors.
Volatility is a special measure that describes a degree of variation of trading price for a certain asset in a certain period of time that is defined by the standard deviation and logarithmic returns. Volatility can be measured by these standard deviations just as well as by the difference between returns from the same asset.
Sometimes swings of the prices in the different direction are also called volatility.
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