This paper investigates and characterizes sources of variability in MEG signals in multi-site, multi-subject studies. Understanding these sources will help to develop efficient strategies for comparing and pooling data across repetitions of an experiment, across subjects, and across sites. In this work, we investigated somatosensory MEG data collected at three different sites and applied variance component analysis and nonparametric KL divergence analysis in order to characterize the sources of variability. Our analysis showed that inter-subject differences are the biggest factor in the signal variability. We demonstrated that the timing of the deflections is very consistent in the early somatosensory response, which justifies a direct comparison of deflection peak times acquired from different visits, subjects, and systems. Compared with deflection peak times, deflection magnitudes have larger variation across sites; modeling of this variability is necessary for data pooling.