Which of the following statements are correct concerning the variance of the annual returns on an investment?
I. The larger the variance, the more the actual returns differ from the average return.
II. The larger the variance, the larger the standard deviation.
III. The larger the variance, the greater the total risk of the investment.
IV. The larger the variance, the higher the expected return.
I and III only
II, III, and IV only
I, III, and IV only
I, II, and III only
I, II, III, and IV