NL vs. Limit variance

[Duck Rabbit]

I have read in a lot of people's posts that there is lower variance in NL ring games (particularly 6max?) than in the limit ring games. This just doesn't make sense to me. The way I am thinking about it is that in NL, your entire stack is at risk on every hand. With limit holdem, you are probably only risking 4-5 BB's for a particular hand.

Is there any reason why NL is considered to have a lower variance than limit? Any explanations would be helpful.