Given that an asset is anything that will generate cashflows in the future.
What is the risk of an asset?
A. The volatility of the price of the security. A stock or any other asset, the prices of which moves up and down a lot and by a large magnitude, is considered a high risk stock. Likewise, a stock or any other assets, the price of which does not move up and down rapidly and by a large magnitude is a low risk stock or asset. In short risk equals volatility.
B. Risk is not price volatility, but rather the risk of an asset is similar or even identical to the risk of a single business. Given the definition of an asset above, risk then is the certainty that the asset will be worth more in the future. This in turn is based on the assets ability to generate cashflows during the time that you own it.
C. Something else.
A, B, or something else?