We show, through visible-range Mueller polarimetry, as well as numerical simulations, that the depolarization in a homogeneous turbid medium consisting of submicron spherical particles follows a parabolic law with the path-length traveled by light through the medium. This result is in full agreement with the phenomenological theory of the fluctuating medium within the framework of the differential Mueller matrix formalism. We further found that the standard deviations of the fluctuating elementary polarization properties of the medium depend linearly on the concentration of particles. These findings are believed to be useful for the phenomenological interpretation of polarimetric experiments, with special emphasis on biomedical applications.