PE volatility is artificially suppressed in reported NAVs due to illiquidity and mark-to-fantasy accounting, but publicly-listed PE funds on the London Stock Exchange (like Harbourvest funds) reveal that true PE volatility is approximately 24% annualized, driven by discounts to NAV that vary with investor sentiment, making PE roughly as volatile as the Russell 2000 (small-cap) index with a beta of ~1.6.