The article explores if industries with more innovation have higher volatility in their returns compared to the overall market. They looked at data from 34 industries over 30 years and 5 specific industries like biotech and computers. The results show that there is a stronger link between innovation and volatility at the firm level, especially when considering the size of the company and using GARCH analysis to study changing volatility over time. This analysis also reveals how returns behave differently as industries evolve.