Don't ever quantify a stock's preference/performance just based on the dividend it is paying out
Volatility defined by movements in the the stock's price, affected by factors embedded in the stock e.g. the corporation, the business it is in, the economy, the management etc etc. Apple wasn't paying dividends but people were still buying into it. Same with Amazon, Berkshire, Google. These companies create value by investing their earnings back into their company and this is reflected in their share prices. Their earnings create more value in this way for the stockholders. The holding structures of these companies also help them in their motives.
Supposedly $100 invested in either stocks. For keeping things easy, you invested at the same time in both, single annual dividend and prices more or less remain constant.
Company A: $5/share at 20% annual dividend yield. Dividend = $20
Company B: $10/share at 20% annual dividend yield Dividend = $20
You receive the same dividend in both cases. Volatility willn't affect you unless you are trading, or the stock market tanks, or some very bad news comes out of either company or on the economy. Volatility in the long term averages out, except in specific outlier cases e.g. Lehman bankruptcy and the financial crash which are rare but do happen.
In general case the %price movements in both stocks would more or less follow the markets (not exactly though) except when relevant news for either corporations come out.