Explain $(1)$ how a high variance affects risk, $(2)$ why it affects risk, and $(3)$ in which direction it affects risk.

Option A

$(1)$ High variance $=$ high risk, $(2)$ as we measure volatility by risk, $(3)$ asymmetrically in the opposite direction.$$

Option B

$(1)$ High variance $=$ high risk, $(2)$ as we measure risk by variance, $(3)$ symmetrically in direction.$$

Option C

$(1)$ High variance $=$ high risk, $(2)$ as we measure volatility by risk, $(3)$ symmetrically in direction.$$

Option D

$(1)$ High variance $=$ Low risk, $(2)$ as we measure risk by variance, $(3)$ symmetrically in direction.$$