This paper deals with characteristics of volume hologram recorded and reconstructed with random amplitude-phase encoded reference wave. The speckle-encoded reference wave was proposed as the method to modify selective properties of the hologram. In particular, it is demonstrated that volume holograms recorded with this type of reference beam are taking new selective features, such as the sensitivity of the diffracted beam intensity to spatial mismatch between the hologram and reconstructing beam in transversal and longitudinal direction. Moreover, the conditions can be set, when the hologram's angular selectivity is not due to violation of the Bragg conditions, but is a result of spatial angular de-correlation between recorded and reconstructing structures. The analysis is made on the applicability of these features of volume hologram for high density information storage.