While most previous research indicates that income volatility is rising, this is based on a definition that classifies all changes in income as volatility and does not distinguish mobility from volatility.  Drawing from the fields of poverty dynamics and intragenerational mobility, volatility is measured by an individual- or household-specific trend line, which changes our understanding of income volatility as an empirical phenomenon of interest by clarifying why it is important.  Income volatility is not rising after the mid-1980s because a large proportion of income volatility is explained by the trend line of income mobility, especially the downward trend line.  However, the distribution of income volatility is growing more unequal.  Rising inequality of volatility is decomposed into within- and between-groups to inform our understanding of the source of the inequality.  Inequality of volatility is entirely explained by rising inequality within groups, not between groups.  What were perceived to be rising levels of volatility in the population are better understood as high levels of volatility experienced by a few households.  Finally, exploring the risk of experiencing high levels of volatility within groups over time indicates characteristics that increase risk of high levels of volatility remain unchanged, but characteristics that once reduced risk now offer less protection.  The result is a better understanding of rising levels of economic insecurity by providing a more detailed picture of changes in who experiences income volatility.