  We studied the X-ray variability of sources detected in the Chandra Deep
Field South (Giacconi et al. 2002), nearly all of which are low to moderate z
AGN (Tozzi et al. 2001). We find that 45% of the sources with >100 counts
exhibit significant variability on timescales ranging from a day up to a year.
The fraction of sources found to be variable increases with observed flux,
suggesting that >90% of all AGNs possess intrinsic variability. We also find
that the fraction of variable sources appears to decrease with increasing
intrinsic absorption; a lack of variability in hard, absorbed AGNs could be due
to an increased contribution of reflected X-rays to the total flux. We do not
detect significant spectral variability in the majority (~70%) of our sources.
In half of the remaining 30%, the hardness ratio is anti-correlated with flux,
mimicking the high/soft-low/hard states of galactic sources. The X-ray
variability appears anti-correlated with the luminosity of the sources, in
agreement with previous studies. High redshift sources, however, have larger
variability amplitudes than expected from extrapolations of their low-z
counterparts, suggesting a possible evolution in the accretion rate and/or size
of the X-ray emitting region. Finally, we discuss some effects that may produce
the observed decrease in the fraction of variable sources from z=0.5 out to
z=2.
