Volatility concerns the distribution of outcomes, while RTP concerns the average. A label such as high or low volatility is a description, not a forecast of your next spin.
Average return versus payout spread
Consider two simplified games with a ₹1 stake. Game A always returns ₹0.96. Game B returns ₹96 on one outcome in a hundred and zero on the other 99. Both have a 96% theoretical return, but their distributions differ sharply. This artificial example isolates the distinction: an average alone says nothing about how unevenly money is returned.
In an actual slot, the distribution includes ordinary combinations, bonus features and sometimes jackpots. Large prizes occurring rarely can account for a meaningful share of theoretical return. A player can therefore experience many losing rounds even in a game whose advertised RTP resembles that of a game with more frequent small payouts.
Interpreting a volatility label
Low, medium and high are usually descriptive categories supplied by a provider rather than a universal numerical scale. One provider's medium label may not be directly comparable with another's. Variance or standard deviation, if supplied with a clear stake basis and model, describes spread more precisely. Hit frequency still measures something different: how often a qualifying payout occurs.
Why a short record is insufficient
Ten or even a hundred observed spins may contain no rare feature at all. That sample cannot establish the game's full prize distribution. A recent sequence of losses also does not prove that volatility has changed or that a big win is next. When assessing a description, look at the stated prize structure and feature probabilities rather than treating a personal streak as a reliable statistical estimate.
In practice
Two constructed games can share the same average payout: one pays smaller amounts more often, while the other pays less frequently but sometimes more. Their averages alone hide that difference.
What to check
Look for the provider's explanation and the actual prize structure. Do not treat a volatility label as a guarantee of either frequent wins or a large upcoming prize.