A system for processing seismic data for a geologic formation generated by an array of acoustic transducers responsive to an acoustic source may include a seismic data storage device and a processor. The processor may cooperate with the seismic data storage device to use a volatility measurement model to generate current correlations of data from the array of acoustic transducers based upon a current estimate for at least one of density and velocity of the geologic formation, and compare the current correlations to a threshold. When the current correlations are below the threshold, the processor may update the current estimate for at least one of density and velocity of the geologic formation, and repeat use of the volatility measurement model to generate updated correlations of data from the array of acoustic transducers based upon the updated estimate for at least one of density and velocity of the geologic formation.
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