What is the primary difference between volatility risk and interest rate risk for bonds?

Attempt $1/3$ for $2$ pts$.$

Part $1$

Volatility risk applies only to bonds with fixed interest rates, while interest rate risk applies to bonds with floating interest rates.

Volatility risk refers to the risk of changes in the bond's coupon rate, while interest rate risk refers to changes in the bond's credit rating.

Volatility risk arises from changes in expected interest rate volatility, especially for bonds with embedded options, while interest rate risk refers to the direct impact of changes in interest rates on bond prices.

Volatility risk impacts bonds when inflation changes, while interest rate risk affects bonds when the bond$$s maturity date is extended.