The interpretation of Coefficient of Variation

Hi Tutor,

Scenario:
Coefficient of variation = Standard deviation / Expected value (mean)
Investment X = 15% / 20% = 0.75, or 75%
Investment Y = 20% / 25% = 0.80, or 80%

I understand the interpretation of the risk to reward ratio, i.e. the higher the more relative to the deviation = riskier, but what does coefficient of variation actually tell us, for example:

Does it mean there is a 75% chance that the expected value will deviate by 15%?

or

Does it mean that the expected value will most probably deviate by 75% of the 15% (i.e. 11.3%)?

Looking forward for your reply.

Many thanks.

Best regards,
Kenny