Sure. It's because volatility in itself is not enough to expect high swap-rates.
If there is high volatility in the market, but no general trend (this is called a sideways trend) traders keep their position open for a little time - just enough for a swing. Then trade the other way. As soon as a liquidity provider notices his funds unused, he puts them again on the market, which leads to a high offering of swaps which in turn leads to low swap rates.

You'll see high swap-rates when there is a long term bullish trend in the market.