We study the X-ray variability properties of distant active galactic nuclei (AGNs) in the Chandra Deep Field-South region over 17 yr, up to z similar to 4, and compare them with those predicted by models based on local samples. We use the results of Monte Carlo simulations to account for the biases introduced by the discontinuous sampling and the low-count regime. We confirm that variability is a ubiquitous property of AGNs, with no clear dependence on the density of the environment. The variability properties of high-z AGNs, over different temporal time-scales, are most consistent with a power spectral density (PSD) described by a broken (or bending) power law, similar to nearby AGNs. We confirm the presence of an anticorrelation between l...