There is nothing about the definition of volatility which restricts its use to short term fluctuations!
Refer: https://en.wikipedia.org/wiki/Volatility_(finance)#Volatility_for_investors
There it describes mathematical formulas for daily, monthly and yearly volatility.
it also states: "Higher volatility of returns while saving for retirement results in a wider distribution of possible final portfolio values" implying the volatility can be used to measure returns over many years!
Prediction, page-73
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