Our cloud-based IT world is founded on hypervisors and containers. Containers are becoming an important cornerstone, which is increasingly used day-by-day. Among different available frameworks, docker has become one of the major adoptees to use containerized platform in data centers and enterprise servers, due to its ease of deploying and scaling. Further more, the performance benefits of a lightweight container platform can be leveraged even more with a fast back-end storage like high performance SSDs. However, increase in number of simultaneously operating docker containers may not guarantee an aggregated performance improvement due to saturation. Thus, understanding performance bottleneck in a multi-tenancy docker environment is critically important to maintain application level fairness and perform better resource management. In this paper, we characterize the performance of persistent storage option (through data volume) for I/O intensive, dockerized applications. Our work investigates the impact on performance with increasing number of simultaneous docker containers in different workload environments. We provide, first of its kind study of I/O intensive containerized applications operating with NVMe SSDs. We show that 1) a six times better application throughput can be obtained, just by wise selection of number of containerized instances compared to single instance; and 2) for multiple application containers running simultaneously, an application throughput may degrade upto 50% compared to a stand-alone applications throughput, if good choice of application and workload is not made. We then propose novel design guidelines for an optimal and fair operation of both homogeneous and heterogeneous environments mixed with different applications and workloads.