It is well recognized that within local communities, fluctuations of constituent species over time can alter both aggregate (e.g., total abundance or biomass) and compositional community properties. At broader spatial scales, recent evidence shows how spatial asynchrony can further stabilize aggregate properties at the regional, or metacommunity, scale. Yet, apparent lack of variability in aggregate metacommunity properties can mask changes in metacommunity composition, and a framework acknowledging such dual nature of metacommunity variability is still lacking. Here, we present an approach to characterize metacommunity variability that integrates both aggregate and compositional properties. We demonstrate that the compositional variability of a metacommunity critically depends on the degree of spatial synchrony in the compositional trajectories over time among local communities. We develop two methods, available in the ltmc R package, to quantify such spatial compositional synchrony and apply them to a case study of understory macroalgal communities inhabiting shallow rocky reefs off the coast of Santa Barbara, California. We found that moderate spatial asynchrony reduced variability in aggregate metacommunity biomass, whilst masking synchronous, and potentially destabilizing, compositional variability at the metacommunity scale. These results highlight the need to consider both aspects of metacommunity variability simultaneously in order to fully understand variability over broad spatial scales.