According to Auto-Ware.com, volumetric efficiency is:

...used to describe the amount of fuel/air in the cylinder in relation to regular atmospheric air. If the cylinder is filled with fuel/air at atmospheric pressure, then the engine is said to have 100% volumetric efficiency. On the other hand, super chargers and turbo chargers increase the pressure entering the cylinder, giving the engine a volumetric efficiency greater than 100%. However, if the cylinder is pulling in a vacuum, then the engine has less than 100% volumetric efficiency. Normally aspirated engines typically run anywhere between 80% and 100% VE. So now, when you read that a certain manifold and cam combination tested out to have a 95% VE, you will know that the higher the number, the more power the engine can produce.

Characteristics of a rotary engine compared to a 4 stroke piston engine:

A rotary engine's rotor completes one stroke for every 270