Time and sequence

When the money is needed.

Horizon

A long horizon does not make a volatile asset less volatile; it makes you less likely to be forced to sell at a bad moment. That is the whole benefit.

Money needed within a few years does not belong in something that can halve.
Volatility becomes a real cost the moment you must withdraw.

Sequence risk

When drawing an income, poor returns early do far more damage than the same returns later, even with an identical average. It is the risk most often missed in retirement planning.