CTC,
You ask, Are such volatilities available for the S&P500 as well?
There are, of course, SPX options but there's an easier way to get a take on general market implied volatility, the VIX. The VIX measures the implied volatility of a basket of at-the-money, nearby and 2nd nearby options on the OEX (the S&P 100). It tends to move inverse to the market, rising when the market sells off and vice-versa. Currently, it's about 28%. Recently, it has been moving over a range of about 25% to 40%. For perspective, in the 1987 crash, the VIX would have read 175%, in about 1994-5 it read under 10%, a suggestion of a stable, rising market.
If you're thinking of some kind of ratio of general market volatility to the volatility of a specific issue, I find that an interesting idea. With Internet stocks, you would have to use nearby options but with more than 10 days to expiration. Or you could just go to the CBOE web site and get their historical volatility reading for the stock. Call the ratio relative volatility. That would definitely say something about risk in an issue. (Most Internet stocks don't have LEAPs, so forget that idea)
Best,
--Steve
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