Al,
I'm pretty sure that you know better. If you subtract the lowest velocity of a string of shots, from the highest, you get the Extreme Spread (ES), the difference between the lowest measured value and the highest.
On the other hand, using all of the values, and plotting them on a line graph with number of shots that had a particular range of velocities along the left side, and those ranges of velocities on the bottom, your should get what is called a normal distribution, that can also be described as a bell shaped curve. The top of the curve is the value that has the greatest number of occurrences, or in a velocity test, shots. SD stands for Standard deviation, which basically tells you how bunched up the other data points are around the average value, otherwise known as the mean. With a low SD the curve is taller and skinnier, and with a large one it is shorter and wider. The problem is that the number does not do you much good because it is the extremes in velocity within a record group that determine how much vertical, that is attributable to differences in velocity, that you will have. For that reason, I thing in this application, ES is a more useful number. This does not invalidate the use of SD for other applications, where it is quite useful. Here is some links that explain what SD is, and how to calculate it.
http://en.wikipedia.org/wiki/Standard_deviation
http://www.mathsisfun.com/data/standard-deviation-formulas.html
The real reason for any confusion is that chronographs will give both ES and SD for a string of shots, to shooters who, in many cases, have no idea what the numbers represent, because they are so fortunate as to never have had to sit through a semester of statistics.
Feel free to make corrections. It has been 45 years since I took statistics in the business department of OU.