The hand should only move about 6-12 inches on a volley from the point where you prep it. Prepping the hand consist of turning the shoulders slightly and getting the wrist laid back and ready to hit. You don't have to take the racket back at all to prep for the volley, instead take the hand to the ball. From prep, the hand moves forward 6-12 inches. So, no backswing and no swing forward beyond 12 inches.
On wide stretch volleys, you may really are just putting the racket face in front of the ball and blocking it. No take back and minimal forward motion.