AbstractHeart rate variability and heart period variability are important indicators of the functioning of the autonomic nervous system and are strong predictors of survival after myocardial infarction. The standard deviation of a patient's series of normal heart periods (consecutive normal RR intervals) is positively and, in some populations, strongly correlated with the mean period length. This phenomenon has led some investigators to use the coefficient of variation as their measure of variability, because it correlates less strongly with the mean period length. Using data from a multicentre post‐infarction natural history study, we show that the standard deviation of the instantaneous heart rates has, like the coefficient of variation, only a modest correlation with the mean period length. Unlike the coefficient of variation, however, this standard deviation is derivable from established statistical principles. We show further that the coefficient of variation, the standard deviation of heart rates, and the standard deviation of heart periods are approximately equally strong predictors of survival after myocardial infarctio