ASX 200 - Risk Vs Reward

Been having a look at historical returns and variance of returns over the last 10 years for the ASX 200. Here is what I have come up with.

Quite interesting. Show just how bad a year 2008 was for the stock market in Australia. Huge risk and a huge negative return. And just how good the three years 2003, 2004 and 2005 were...good returns and low risk.
2012 is looking a lot like 2006 so far...low returns and risk slightly lower than the norm. Not a great time to be throwing money at the share market in my opinion, especially as I can only see the risk increasing over the short to medium term.
The graph also shows a bit of a negative correlation between returns and risk. The higher the risk, the more negative the return.