Homogeneous (either Warburg or Pasteur) populations grown to carrying capacity were simulated in environments with temporally varying oxygen, then the population variance, AMF, and GMF were calculated after 100 days. Warburg cells have reduced population variance and AMF, but enhanced GMF when compared to Pasteur cells, consistent with bet-hedging theory. These effects grow as oxygen fluctuations become more chaotic (↑σ, panel C).