Can you help me understand what the following questions are asking and how to translate my data to answer them: 1) How much of the variability of your security's return is explained by the variability of returns in the market? 2) Do you think that a different market index might be a better representation of the market for your particular security? 3) Why or why not?

It appears that this question is asking about the Standard Deviation as that measures variability, but the question just doesn't make any sense to me. It's almost like it is looking for an exact percentage or exact number. I know that standard deviation will be zero if all data values are equal and I know that the stock I am evaluating against the benchmark (S&P 500) has a higher standard deviation which means more risk and that the cash flows will be more volatile and erratic as compared to the benchmark.

34.74 0.0119429Ub 0.000389816 0.000060853 10/1/2020 10/9/2020 34/7.14 3477.13 0.033939903 -0.000002879 0.000598403 0.000089880 34.74 0.000000000 10/1/2020 10/9/2020 Average Monthly return -0.00780084 0.009477620 0.310850520 0.104369627 Standard Standard Deviation Deviation 4.21% 7.259% Stock Benchmark BETA 1.264507